See Irrevocable Beneficiary.
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REINSURANCE
(1) A contract of indemnity against liability by which the Insurance Company procures another insurance to insure it against loss or liability by reason of the original insurance. (2) Insurance by one Insurance Company of all or part of a risk accepted by it, with another Insurance Company which agrees to reimburse the Insurance Company for the portion of the claim reinsured. The Insurance Company obtaining the reinsurance is called the “ceding Insurance Company;” the Insurance Company issuing the reinsurance is called the “Reinsurer.” A Reinsurer may in turn seek reinsurance on some portion of the risk it has Reinsured, a process known as “retrocession.”