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Simple English definitions for legal terms

reinsured

Read a random definition: mutuality of parties

A quick definition of reinsured:

Term: Reinsured

Definition: Reinsured is an insurance company that transfers some or all of the risks it has underwritten to another insurance company, called a reinsurer. The reinsurer usually receives a percentage of the original premium paid by the policyholder. Another term for reinsured is cedent or cedant.

A more thorough explanation:

Definition: A reinsured is an insurance company that transfers all or part of the risk it has underwritten to another insurance company, usually along with a percentage of the original premium. This is also known as a cedent or cedant.

Example: ABC Insurance Company underwrites a policy for a large construction project. However, ABC Insurance Company does not want to bear the entire risk of the policy, so it transfers a portion of the risk to XYZ Reinsurance Company. XYZ Reinsurance Company agrees to take on a portion of the risk and pays ABC Insurance Company a percentage of the original premium.

Explanation: In this example, ABC Insurance Company is the reinsured or cedent because it is transferring a portion of the risk it has underwritten to XYZ Reinsurance Company. XYZ Reinsurance Company is the reinsurer because it is taking on a portion of the risk and paying a percentage of the original premium to ABC Insurance Company.

reinsurance treaty | reinsurer

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soyalmondoatmilk
15:57
OMG I LOVE SWEETGREEN
shaquilleoatmeal
15:57
lmaooo oh man i gotta find a way to make a long story short - sg it is ! What do you guys usually get? I'm tired of my same old same old
soyalmondoatmilk
15:57
i love the harvest bowl
soyalmondoatmilk
15:57
their salmon is good too
shaquilleoatmeal
15:58
@babycat: you gonna be on later tonight? i gotta get home, shower, and then I can hop back on and give you the break down lmao
shaquilleoatmeal
15:58
i dont know how much i trust salmon from quick take out spots so i've never tried it there. Harvest bowl is OG and always good for when you need a quick decision
soyalmondoatmilk
15:59
that's so fair. i love their roasted sweet potatoes and spicy cashew dressing--highly recommend
babycat
16:00
@shaquilleoatmeal: I’ll stop by just for you. I gotta grind out some of my last essays tn.
shaquilleoatmeal
16:02
@soyalmondoatmilk: im weak af, can't handle that spicy cashew lmao
shaquilleoatmeal
16:03
@babycat: 😘 see you in a bit, grind out those essays before you hop back on
shaquilleoatmeal
16:04
appreciate the non wink since you didn't appreciate it them then lol
babycat
16:06
I'll do it for you ;)
milktoast
16:06
Tough to justify attending a law school where the admissions office does epic resistance political commentary at the info session
BulbasaurNoLikeCardio
16:07
making me feel jealous here wow, I am about to go taste test a bunch of deserts for our baby shower this weekend.
BulbasaurNoLikeCardio
16:07
@milktoast: what school got political at an info session?
shaquilleoatmeal
16:11
nothin to be jealous about, i've been trying to slide into babycats dms but shes got a long line I guess I gotta wait in to see if I can get in lmao
babycat
16:11
omg if you get into ASU they give you travel expense reimbursement to go there for a visit. does anyone know which other schools do this? I'd love to get a comped vacation
shaquilleoatmeal
16:12
think BU gives you $300 or somethin
ClassyPleasantHeron
16:12
Where is ASU getting this kind of $$$ from? They waive CAS fees too.
babycat
16:13
@shaquilleoatmeal: yeah but then you have to go to Boston :(
shaquilleoatmeal
16:14
uva too
shaquilleoatmeal
16:14
whats wrong w boston ;(
jackfrost11770
16:14
GOT PROMOTED YAY how do i tell law schools abt this?
jackfrost11770
16:15
like do i type up and separate doc and send as an attachment? how much do i write?
shaquilleoatmeal
16:15
@jackfrost11770: LFGGGG
jackfrost11770
16:15
TYYYYYY
shaquilleoatmeal
16:16
do any of your schools have updated sections in the portal? If so, i'd upload there, if not email. Small paragraph should do it id think
1a2b3c4d26z
16:16
Who wanna play some operation metro later on
1a2b3c4d26z
16:16
Congrats jack!
jackfrost11770
16:16
thank you!!
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