reinsurance

Meanings

• The process of transferring all or part of an insurer's risk portfolio to other parties, usually insurers, in order to spread risk and reduce potential losses. Reinsurance enables insurers to pay claims even if the losses are greater than their resources.

  - "The reinsurance company agreed to cover any claims above $500,000."
  - "The insurance company reinsured their policy portfolio to a reinsurer in Bermuda."

• A form of insurance that an insurer purchases from another insurer to cover large potential losses.

  - "The primary insurer reinsured the risk to the reinsurer for a premium."
  - "The reinsurance contract covered losses from natural disasters."

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Rhymes

Words rhyming with reinsurance
insurer , supervisor , residue , surmiser , reviser

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Variants

List of all variants of reinsurance that leads to same result
reinsurance , reinsurances

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Etymology

origin and the way in which meanings have changed throughout history.

Derived from the Old French word 'reinsurer,' meaning 'to insure again.'

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Trivia

Any details, considerations, events or pieces of information regarding the word

1. Reinsurance was first used in the late 17th century to help insurers cover losses from the Great Fire of London.

2. The global reinsurance market was valued at over $300 billion in 2020.

3. The largest reinsurance company, Munich Re, was founded in 1880.

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Related Concepts

informations on related concepts or terms closely associated with the word. Discuss semantic fields or domains that the word belongs to

1. Retrocession: The process of transferring risk from a reinsurer to another reinsurer or to the original insurer.

2. Treaty Reinsurance: A long-term agreement between an insurer and a reinsurer to cover a specific percentage of the insurer's risk portfolio.

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Culture

Any cultural, historical, or symbolic significance of the word. Explore how the word has been used in literature, art, music, or other forms of expression.

Reinsurance plays a significant role in the global insurance industry, particularly for insurers dealing with large risks or catastrophic events. It allows insurers to manage risk more effectively, provide more comprehensive coverage, and maintain financial stability.

How to Memorize "reinsurance"

1. visualize
   

   - Imagine an insurance company transferring its large risks to a reinsurance company to spread risk and reduce potential losses.

2. associate
   

   - Associate the word 'reinsurance' with the concept of risk transfer and risk management.

3. mnemonics
   

   - Remember REINSURANCE as an acronym for 'Risk Elimination, Insurance, and Spreading Risk Among Insurers'.

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