SG Heritage Dictionary

Reinsurance [Noun] Webster's Dictionary 1828

An insurance of property already insured; a second insurance of the same property. Such reinsurance is permitted by the French commercial code; but in England is prohibited by statute, except when the first underwriter is insolvent.

Reinsurance [Noun] Webster's Dictionary 1913

1. Insurance a second time or again; renewed insurance.

2. A contract by which an insurer is insured wholly or in part against the risk he has incurred in insuring somebody else. See Reassurance.