REINSURED Meaning and
Definition
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Reinsured is an adjective that refers to the state of having insurance coverage provided by another insurer, known as the reinsurer. In the insurance industry, reinsuring is the practice of insurance companies transferring a portion of their risk to other insurers, called reinsurers.
When an insurance company reinsures a policy or a portfolio of policies, it means they have entered into an agreement with a reinsurer to transfer part of the risk associated with those policies in exchange for a premium payment. This is typically done to spread the risk and avoid exposing the insurer to potentially catastrophic losses.
Reinsured can also be used as a verb to describe the act of transferring risk to a reinsurer. In this context, reinsured refers to the action taken by an insurance company to seek coverage from a reinsurer.
The reinsuring process involves the reinsurer assuming all or a portion of the liabilities and responsibilities associated with the insurance policies in question. This arrangement provides the primary insurer with protection against large losses and helps them maintain stability and financial security.
Overall, being reinsured means that an insurance company has entered into an agreement with another insurance company, transferring part of the risk associated with their policies in exchange for a premium payment, thereby spreading the risk to protect themselves from potential significant losses.
Common Misspellings for REINSURED
Etymology of REINSURED
The word "reinsured" is derived from the combination of the prefix "re-" and the verb "insure".
The prefix "re-" in English often indicates repetition or restoration, suggesting that something is happening again or being done again. In the context of "reinsured", the prefix "re-" emphasizes that the act of insuring is being done again, adding an additional layer or level of insurance coverage.
The verb "insure" itself has its origins in the Latin word "securus", meaning "safe" or "secure". In Latin, the verb "assurare" evolved to mean "to make secure" or "to make safe". Over time, this Latin term was borrowed into Old French as "assurer", which later entered Middle English and became "insure".
Similar spelling words for REINSURED
Conjugate verb Reinsured
CONDITIONAL
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would reinsure
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FUTURE
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will reinsure
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FUTURE PERFECT
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will have reinsured
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PAST
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reinsured
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reinsured
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PAST PERFECT
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had reinsured
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PRESENT
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reinsure
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PRESENT PERFECT
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have reinsured
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am reinsuring
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had been reinsuring
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would have reinsured
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