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Simple English definitions for legal terms

reinsured

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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

General

General chat about the legal profession.

General >T14 Off Topic

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KnowledgeableRitzyWasp

18:51

medicine is a scam

KnowledgeableRitzyWasp

18:51

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.

cheriebomb

19:04

https://whitney.org/collection/works/62454

cheriebomb

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.

cheriebomb

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.

llama

20:48

what.jpg @Dkk

CynicalOops

21:03

You think you just fell out of a coconut tree?

jackfrost11770

21:10

nope dk

llama

21:17

https://www.youtube.com/watch?v=z7_5nHIbsjo i love K Harris <3

CynicalOops

22:37

Calvinamala Harris

jackfrost11770

23:16

should i start using letterboxed again

Dkk

23:25

@jackfrost11770: if you want but like it aint for me

chickenburgahfart

23:39

dk do u ever eat at bk

Dkk

23:48

@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.

chickenburgahfart

23:51

bk so slept on

Dkk

0:23

I will take In N Out everyday over it when I can though.

texaslawhopefully

1:22

In N Out is not only the best fast food place, but the prices too are fantastic

Dkk

1:27

Indeed, indeed.

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