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LSDefine

Simple English definitions for legal terms

reinsurance

Read a random definition: mesne conveyance

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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ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
soapy
8:48
UMN under review! As predicted, decisions are gonna come out early December
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