cession

Definition

The legal equivalent of saying "it's yours now, my problem is your problem." In insurance and real estate, it's when rights, property, or risks get transferred from one party to another, often because someone decided they didn't want to deal with it anymore. Think of it as the formal paperwork version of hot potato.

Example Usage

The insurance company completed the cession of the hurricane risk to a reinsurer, because apparently some risks are too spicy even for insurance companies.

Source: Legal terminology via dictionary sources

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