Reinsurance

3 definitions found

From The Collaborative International Dictionary of English v.0.48 [gcide]:

  Reinsurance \Re`in*sur"ance\ (-sh?r"ans), n.
     1. Insurance a second time or again; renewed insurance.
        [1913 Webster]
  
     2. A contract by which an insurer is insured wholly or in
        part against the risk he has incurred in insuring somebody


        else. See {Reassurance}.
        [1913 Webster]

From WordNet (r) 2.0 [wn]:

  reinsurance
       n : sharing the risk by insurance companies; part or all of the
           insurer's risk is assumed by other companies in return
           for part of the premium paid by the insured; "reinsurance
           enables a client to get coverage that would be too great
           for any one company to assume"

From Bouvier's Law Dictionary, Revised 6th Ed (1856) [bouvier]:

  RE-INSURANCE, mar. contr. An insurance made by a former insurer, his 
  executors, administrators, or assigns, to protect himself and his estate 
  from a risk to which they were liable by the first insurance. 
       2. It differs from a double insurance (q.v.) in this, that in the 
  latter cases, the insured makes two insurances on the same risk and the same 
  interest. 
       3. The insurer on a re-insurance is answerable only to the party whom 
  he has insured, and not to the original insured, who can have no remedy 
  against him in case of loss, even though the original insurer become 
  insolvent, because there is no privity of contract between them and the 
  original insured. 3 Kent, Com. 227; Park. on Ins. c. 15, p. 276; Marsh. Ins. 
  B. 1, c. 4, s. 4