Reinsurance

[,ri:in'ʃurәns]

Definition

(noun.) 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'.

Edited by Horace--From WordNet

Definition

(n.) Insurance a second time or again; renewed insurance.

(n.) A contract by which an insurer is insured wholly or in part against the risk he has incurred in insuring somebody else. See Reassurance.

Typed by Jared