(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, Example: reinsurance enables a client to get coverage that would be too great for any one company to assume
The Collaborative International Dictionary of English (GCIDE) v.0.53
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 ]
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