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Simple English definitions for legal terms
retrocession
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A quick definition of retrocession:
Definition: Retrocession is when something is given back to its original owner or transferred to another party for further insurance. It can refer to returning a territory or jurisdiction, returning property to its rightful owner, or transferring a risk to another reinsurance company. Retrocession can also refer to the amount of risk that is transferred.
A more thorough explanation:
Definition: Retrocession refers to the act of ceding something back, such as a territory or jurisdiction. It can also refer to the return of a title or other interest in property to its former or rightful owner. Additionally, retrocession can refer to the process of transferring all or part of a reinsured risk to another reinsurance company, which is known as reinsurance of reinsurance. The amount of risk that is transferred is also referred to as retrocession.
- After gaining independence, the country retroceded control of the territory to its former colonial power.
- The retrocession of the property title to the rightful owner was a lengthy legal process.
- The insurance company transferred a portion of the risk to another reinsurance company through retrocession.
These examples illustrate the different ways in which retrocession can be used. The first example shows how retrocession can refer to the act of ceding control of a territory or jurisdiction back to its former owner. The second example demonstrates how retrocession can refer to the return of a title or other interest in property to its rightful owner. The third example shows how retrocession can refer to the process of transferring risk from one insurance company to another through reinsurance of reinsurance.