Cession definition
Cession means the transfer of a part of the insured risk from an insurance company to a reinsurance company;
Cession means the part of insurance passed to a reinsurer by the insurer which issued a policy to the original insured or part of contract ceded by a reinsurer to a retrocessionaire;
Cession means a transfer by a policy originating insurer to a reinsurer of the whole or a portion of a single risk, defined policy or defined division of business as set out in a reinsurance contract. [ 1991, c. 828, §20 (NEW) .]
Examples of Cession in a sentence
Any changes to the performance shall take place in accordance with Clause 12 of the General Terms and Conditions Software Cession and Software Support.
Item 6 Clause 4.0 - Cession and assignment F:.............................
More Definitions of Cession
Cession means the assignment to another person of the right to file a claim;
Cession means the cession recorded in clause 12;
Cession means the part of risk passed to a Re-insurer by the cedant;”
Cession means a cession in securitatem debiti;
Cession means the unit of insurance passed to a reinsurer by the insurer which issued a policy to the original insured and, accordingly, a cession may be the whole or a portion of single risks, defined policies or defined divisions of business, as agreed in the reinsurance contract;
Cession means a cession of a registered lease of immovable property, the unexpired period of which is at the date of cession not less than 30 years;
Cession means a deed of cession to be entered into between Africa Vanguard and Randfontein, in terms of which Africa Vanguard cedes its reversionary right to receive profits from the Joint Venture to Randfontein in securitatem debiti, as security for the payment of the Purchase Consideration and the fulfilment by Africa Vanguard of its obligations under the Joint Venture Agreement, it being recorded that Nedbank will take a first cession of the profits as part of the Security Documents;