reinˈsurance
[re- 5 a.]
A renewed or second insurance; spec. one by which an insurer or underwriter secures himself (wholly or in part) against the risk he has undertaken.
| 1755 N. Magens Insurances II. 271 Every Insurer is permitted to take out a Reinsurance on any Insurance he has given. 1802 Marshall Insurance I. i. iv. §3. 112 The new insurers will be responsible to him in case of loss, to the amount of the re-insurance. 1885 Law Rep. 15 Q. Bench Div. 11 Notice of abandonment need not be given to the underwriters of a policy of re-insurance. |
| attrib. 1867 Smyth Sailor's Word-bk. 568 A reinsurance policy made on the same risk. |