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What do you mean by reinsurance define history of reinsurance?

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What do you mean by reinsurance define history of reinsurance?

My question is based upon e m c insurance companies topic

I got this question in unit test.

Other related questions to my question are:

What do you mean by reinsurance define history of reinsurance?

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What is reinsurance and its importance?

What is reinsurance example?

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The correct answer by me is: Reinsurance is the practice whereby insurers transfer portions of their risk portfolios to other parties by some form of agreement to reduce the likelihood of paying a large obligation resulting from an insurance claim. The party that diversifies its insurance portfolio is known as the ceding party.

The title of my answer can be Reinsurance Definition

The reference of my answer is Investopedia

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