Outrageously Funny Word Dictionary :: Reinsurance

👉 Reinsurance, in insurance terminology, refers to the act of transferring risks or liabilities from one insurer to another. This process can be used to cover losses that cannot be fully covered by the specific policy being sold. Reinsurers are typically involved in risk management and actuarial sciences, and they have specialized knowledge about the nature of the risks they are covering.

reinsuring

👉 Reinsurance is a contract between two or more insurance companies to cover losses due to accidents, natural disasters, war, terrorism, and other risks. The insurer agrees to pay the loss to the policyholder if the insured party can provide evidence of loss. This means that the company that has already taken on the risk will be responsible for covering the loss.

reinsurance