1) The unit of insurance, passed to a reinsurer by a primary company which issued a policy to the original insured. A cession may accordingly be the whole or a portion of single risks, defined policies, or defined divisions of business, all as agreed in the reinsurance contract. 2) The act of ceding where such an act is necessary to invoke the reinsurance protection.
The unit of insurance passed to the reinsurer by the ceding company. The unit (cession) may accordingly be the whole or a portion of (a) single risks, (b) defined type or class of policies or (c) defined divisions of a policy as agreed.
Contractual transaction through which the ownership of a good or a right (for instance, the intellectual property right) is transferred from the rightholder (the assignor) to other person (the assignee).(FR:Cession, IT:Cessione, DE:Zession)
(1) an area surrendered in a treaty; legal ownership is transferred for both jurisdiction and proprietary ownership purposes, (2) transfer of the control of or sovereignty over specific property or territory, especially by treaty.