cession
Pronunciation
  • (British) IPA: /ˈsɛʃən/
Noun

cession

  1. That which is ceded. Insurance: (part of) a risk which is transferred from one actor to another.
    The reinsurance company accepted a 25% cession from the direct insurer.
  2. The giving up of rights, property etc. which one is entitled to.
    • 1817, Walter Scott, Rob Roy, X:
      ‘Rashleigh, whose occasions frequently call him elsewhere, has generously made a cession of his rights in my favour; so that I now endeavour to prosecute alone the studies in which he used formerly to be my guide.’



This text is extracted from the Wiktionary and it is available under the CC BY-SA 3.0 license | Terms and conditions | Privacy policy 0.004
Offline English dictionary