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.’



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