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What is reinsurance and its importance?

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What is reinsurance and its importance?

I need to ask this question from e m c insurance companies

The question was asked during an online exam.

Other related questions to my question are:

What is reinsurance and its importance?

What means reinsurance?

What are the 4 most important reasons for reinsurance?

Why is reinsurance important to an insurance company?

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The correct answer is: Reinsurance, or insurance for insurers, transfers risk to another company to reduce the likelihood of large payouts for a claim. Reinsurance allows insurers to remain solvent by recovering all or part of a payout. Companies that seek reinsurance are called ceding companies.

The title of my answer can be Reinsurance Definition

My answer's reference is Investopedia

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