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Justice is truth in action.
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Legal Definitions - cedant
If the law is on your side, pound the law. If the facts are on your side, pound the facts. If neither the law nor the facts are on your side, pound the table.
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Definition of cedant
Definition: Cedant is a term used in the insurance industry to refer to an insurer that transfers all or part of a risk it underwrites to a reinsurer, usually along with a percentage of the original premium. It is also known as a cedent or reinsured.
Example: ABC Insurance Company underwrites a policy for a largeconstruction project. However, ABC Insurance Company does not want to bear the entire risk of the policy, so it transfers a portion of the risk to XYZ Reinsurance Company. ABC Insurance Company is the cedant or reinsured in this scenario.
This example illustrates how a cedant transfers a portion of the risk it underwrites to a reinsurer, reducing its exposure to potential losses.
The young man knows the rules, but the old man knows the exceptions.
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Simple Definition
Term: CEDANT
Definition: A cedant is an insurance company that transfers some or all of the risk it has underwritten to a reinsurer. This is usually done along with a percentage of the original premium. In simpler terms, a cedant is an insurer that shares the risk of insuring with another company.
A 'reasonable person' is a legal fiction I'm pretty sure I've never met.
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