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LSDefine

Simple English definitions for legal terms

reinsurance

Read a random definition: writ of supersedeas

A quick definition of reinsurance:

Reinsurance: When one insurance company wants to protect itself from a big risk, it can ask another insurance company to help. The second company agrees to take on some of the risk in exchange for some of the money the first company collected from the customer. This is called reinsurance or reassurance.

A more thorough explanation:

Definition: Reinsurance is a type of insurance where one insurance company transfers some or all of its risks to another insurance company in exchange for a portion of the premium. This helps the first insurance company to reduce its exposure to risk and protect itself from large losses.

Example: Let's say an insurance company has insured a large commercial building for $10 million. To reduce its risk, the insurance company can buy reinsurance from another insurance company. The second insurance company agrees to pay a portion of the claim if the building is damaged or destroyed, in exchange for a percentage of the original premium.

Another example: An insurance company that specializes in insuring ships may buy reinsurance from another insurance company to protect itself from large losses if a ship sinks or is damaged in a storm.

These examples illustrate how reinsurance works. By transferring some of its risks to another insurance company, the first insurance company can reduce its exposure to losses and protect itself from financial ruin.

reinstate | reinsurance treaty

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ParallelAgreeableOrangutan
20:00
I had to write about write
ParallelAgreeableOrangutan
20:01
... write-ups at work (petty, and they were removed from my file after a year, but even so the app asked so I wrote)
NosyBeagle
20:05
Ah it cancelled out my msg cus I switched tabs. But I’ll just tell you guys cus I get mixed answers: a) accused of cheating on a calc exam freshman year but was cleared of wrongdoing, b) sent to the hospital senior year because I go too drunk
ParallelAgreeableOrangutan
20:12
Seems like you'd need to write about A because it went through a formal process, but it shouldn't hurt you if you explain it straightforwardly and explain you were cleared (just don't be weirdly salty about it like you're holding a grudge)
ParallelAgreeableOrangutan
20:12
Re B, did this involve school in any way? Is there an app that has a C&F question that you think this applies to?
ParallelAgreeableOrangutan
20:13
Maybe you're not deep enough into the process to know this—each school has its own unique set of C&F questions, so you should disclose exactly what they ask about, no more, no less
NosyBeagle
20:14
OH
NosyBeagle
20:14
Ok why did I think it was just gonna be one type of q for all. My bad folks. Ignore my info dump
ParallelAgreeableOrangutan
20:16
No worries! Frankly I think it's wild that applications have weird hidden quirks that you don't know about until you're actually logged into LSAC working through the app. There's some info you can find about the oddball/unique questions you'll find on specific apps, so you might want to look for that for schools you're going to apply to
ParallelAgreeableOrangutan
20:17
Like on various consultants' blogs, reddit, etc
NosyBeagle
20:17
🫡 thank you good sir or ma’am or bam
ParallelAgreeableOrangutan
20:17
Ooh can I be a bam
NosyBeagle
20:39
You may
20:45
ima write my personal statement about being fired and how that made me want to do law but it would be funny if I also had to write an addendum about it
20:45
turns out defense companies don’t like it when you question the war machine 🙏
20:46
“What are your opinions on Edward Snowden” - my boss
ParallelAgreeableOrangutan
21:02
I wrote optional essays about a situation that affected my undergrad performance. For any school that required an "education gap addendum" I was basically like "pls see my optional essay"
ParallelAgreeableOrangutan
21:02
¯⁠\⁠_⁠(⁠ツ⁠)⁠_⁠/⁠¯
NosyBeagle
21:12
did they accept that?
NosyBeagle
21:12
that reminds me of filling out job apps and they want you to type out your resume in a text box. like huh??? open the pdf, idiots
ParallelAgreeableOrangutan
21:18
I mean I was nicer about it—I'd put a couple of sentences explaining it super lo-res, and then I said something like "I speak to this situation in detail in my optional essay."
ParallelAgreeableOrangutan
21:20
They don't send your application back to you and tell you to redo an addendum if they don't like it, so the only way to know whether they "accepted" it, as it were, is admissions results
Bettercaulsaul
22:28
Helpful video I found https://youtu.be/2ZVrX6DTSKU?si=KsZeWbF4_fJuqKl5
23:17
who up lsdin they law
8:27
now why does the basement here reek of glossier you
any spivey thoughts? thinking about applying for pro bono
What constitutes "diverse background" for the spivey pro bono?
I'm as "nURM" as they come, but I was the victim of a violent crime which absolutely tanked my grades. I would really want expert help on tackling that in my GPA addendum and my PS, but don't really have thousands to throw at consultants
no harm applying ig
Yeah, good point. Not up to me to tell myself no! Just don't want to waste their time
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