Insurance vs. Reinsurance

Insurancenoun

A means of indemnity against a future occurrence of an uncertain event.

Insurancenoun

The business of providing insurance.

Insurancenoun

Metaphoric: Any attempt to anticipate an unfavorable event.

Insurancenoun

Blackjack: A bet made after the deal, which pays off if the dealer has blackjack.

Insurancenoun

(countable) An insurance policy

Insurancenoun

The act of insuring, or assuring, against loss or damage by a contingent event; a contract whereby, for a stipulated consideration, called premium, one party undertakes to indemnify or guarantee another against loss by certain specified risks. Cf. Assurance, n., 6.

Insurancenoun

The premium paid for insuring property or life.

Insurancenoun

The sum for which life or property is insured.

Insurancenoun

A guaranty, security, or pledge; assurance.

Insurancenoun

Any means of assuring against loss; a precaution; as, we always use our seat belts as insurance against injury.

Insurancenoun

promise of reimbursement in the case of loss; paid to people or companies so concerned about hazards that they have made prepayments to an insurance company

Insurancenoun

written contract or certificate of insurance;

Insurancenoun

protection against future loss

Insurancenoun

an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium

Insurancenoun

the business of providing insurance

Insurancenoun

money paid for insurance

Insurancenoun

money paid out as compensation under an insurance policy

Insurancenoun

a thing providing protection against a possible eventuality

Insurance

Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.

Reinsurancenoun

Insurance purchased by insurance companies that spreads the risk associated with selling insurance around so the danger of one large monetary loss is minimized.

Reinsurancenoun

Insurance a second time or again; renewed insurance.

Reinsurancenoun

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

Reinsurancenoun

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

Reinsurance is insurance that an insurance company purchases from another insurance company to insulate itself (at least in part) from the risk of a major claims event. With reinsurance, the company passes on () some part of its own insurance liabilities to the other insurance company.