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LSDefine

Simple English definitions for legal terms

reinsurance

Read a random definition: trade embargo

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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20:07
I am semi proficient in spanish.
20:08
nice same. This sounds bad but I do not like how spanish sounds.
20:09
or english for that matter
20:09
There is nothing wrong with that. I like all the languages. It is tones that annoy me.
20:10
and fabrics
20:14
@GalenMeric: Sorry, tones is what I meant. Are you a wool fabric fan?
20:40
I think my only wool piece is my suits, and I like those quite a bit.
21:11
Wool is the best fabric
21:12
I only buy wool, denim, leather, and loop wheel cotton
21:31
@NemoPropheta: Im on that polyester, nylon, spandex, rayon, and fleece grind fam
21:32
jk but fr: I was watching how to fold dress shirts so they do not wrinkle, and the dude did his folding on a wool blanket so that the wool fibers grabbed the cotton shirt (like velcro), that is smart asf
21:32
That is smart
21:33
I want a weatherwool blanket
21:33
But I hang my shirts but Ive heard arguments against it
21:34
Generally I fold knitwear and hang everything else
21:35
Cant wait to get that big law money and spend it all on clothes 🙏
21:37
@NemoPropheta: his point was to protect the collar at all costs, therefore fold most shirts. I HATE when collars be acting out, so I will adpot his method: https://www.youtube.com/shorts/QaVKudd36zc?feature=share
21:38
oh fr wearin a suit is so fun t. someone who wears a suit seldomly
21:40
Yeah that makes sense, I do hate when my collar stick out at the sides, I cant figure out how to iron them so they maintain their shape
21:48
collar stays may be the answer. also, shirt stays are goated
21:50
@NemoPropheta: those look so nice, but i feel like one spec of dirt or one crease will ruin ur week, even if the money means nothing?
23:18
Idk I like worm i
23:19
bruh
23:19
I like worn in leather, and dirt is easy enough to clean off*
OrangeThing
23:27
Am I still muted on here
OrangeThing
23:27
Oh I guess not
OrangeThing
23:27
Hello all
f$ll to MarqU baby
Ur-
0:34
@OrangeThing: Welcome back Renard99
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