cession
- The process through which one party gives up or concedes something, such as a piece of property, to another party
- A situation where a debtor transfers or assigns property rights to a creditor
- In the context of insurance, when an insurer hands over liability to a reinsurer
- The process where control or sovereignty over a specific property or territory is transferred, typically through an agreement or treaty
- In the field of insurance, the financial amount of an insurer's liability that is transferred to a reinsurer
- The debtor opted for cession of his property to pay off his debts.
- In the complicated world of insurance, cession of liability often occurs among insurers and reinsurers.
- After lengthy negotiation, the two countries arrived at a cession agreement over the disputed territory.
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