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LSDefine

Simple English definitions for legal terms

reinsurance

Read a random definition: assumption of risk

A quick definition of reinsurance:

Reinsurance: When one insurance company wants to protect itself from a big risk, it can ask another insurance company to help. The second company agrees to take on some of the risk in exchange for some of the money the first company collected from the customer. This is called reinsurance or reassurance.

A more thorough explanation:

Definition: Reinsurance is a type of insurance where one insurance company transfers some or all of its risks to another insurance company in exchange for a portion of the premium. This helps the first insurance company to reduce its exposure to risk and protect itself from large losses.

Example: Let's say an insurance company has insured a large commercial building for $10 million. To reduce its risk, the insurance company can buy reinsurance from another insurance company. The second insurance company agrees to pay a portion of the claim if the building is damaged or destroyed, in exchange for a percentage of the original premium.

Another example: An insurance company that specializes in insuring ships may buy reinsurance from another insurance company to protect itself from large losses if a ship sinks or is damaged in a storm.

These examples illustrate how reinsurance works. By transferring some of its risks to another insurance company, the first insurance company can reduce its exposure to losses and protect itself from financial ruin.

reinstate | reinsurance treaty

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18:41
I think I just wouldn’t reach out and if they ask for them then say that
Dkk
18:41
@tgm Yeah sounds good, say that if they ask
18:47
hey yall
18:47
im premed idk why im here
18:48
we’re like cool and sexy and fun I get it
18:48
true i love ur user
18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
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