Cession Meaning in Legal Terms
The deed of assignment is the assignment of assets to another entity. Under international law, these are generally lands transferred by treaty. Ballentine`s Law Dictionary defines subpoena as “a capitulation; abandonment; a waiver of responsibility by one office in favour of another organization.  Unlike annexation, where property is forcibly confiscated, the assignment is voluntary, or at least apparent. Retrocession is the return of something (e.g. land) that has generally been transferred or, in particular: in insurance, retrocession agreements are usually governed by a reinsurance or retrocession contract, and the principles applicable to reinsurance also apply to retrocession cover. See the full definition of concession in the Dictionary of Middle English Language Learners, Anglo-French, Latin cession-, cessio, cedere to withdraw – more to cede In 1790, the U.S. states of Maryland and Virginia both yielded to create the District of Columbia, as stated in the U.S. Constitution of the previous year. The part of Virginia was returned in 1847, a process known as “retrocession.” The agreement between the transferring insurance company and the reinsurance company will contain full terms under which the assignment will be awarded. The contract sets out the exact conditions under which the reinsurance company pays the claims. There are two main types of reinsurance contracts: optional and contractual. In an optional reinsurance contract, the insurer passes a certain type of risk to the reinsurer, which means that any type of risk transferred to the reinsurer for a premium must be negotiated individually. In a contractual reinsurance contract, the transferring company and the acquiring company agree on a wide range of insurance transactions covered by reinsurance.
For example, the transferring insurance company can assign all risks of flood damage, and the beneficiary company can assume all risks of flood damage in a particular geographic area, such as a floodplain. ASSIGNMENT, Contracts. Give in; release. 2. the France ceded Louisiana to the United States by the Treaty of Paris of April 30, 1803 Spain made a cession of East and West Florida by the Treaty of February 22, 1819. The assignments were made from part of their territory, New York, Virginia, Massachusetts, Connecticut), South Carolina, North Carolina and Georgia. Empty Gord Graben. Articles 2236 to 2250. Under the civil law system, assignment is synonymous with assignment and thus with an act by which a personal receivable is transferred from the assignor (the assignor) to the assignor (the assignor). While rights in rem are transferred by delivery, personal rights are transferred by assignment. Once the debtor`s obligation is transferred, the assignee is completely replaced. The original creditor (assignor) loses its right to a receivable and the new creditor (assignee) receives that right.
ASSIGNMENT, eccl. If a clergyman is appointed bishop or if a pastor takes another sinecure without dispensation, the first sinecures become invalid by a legal assignment or surrender. Cowel, h.t. Assignment refers to those portions of the bonds in an insurance company`s policy portfolio that are transferred to a reinsurer. The risk can be transferred to the reinsurer in two ways: proportional or non-proportional. Proportional reinsurance is an agreement whereby the insurer and reinsurer share an agreed percentage of premiums and losses. Non-proportional reinsurance is a system in which the reinsurer only pays if the losses exceed an agreed amount. If the problem persists, please visit our Help Center and let us know. The territory of a foreign government gained by the transfer of sovereignty. A transfer, surrender or cession of territory by one State or government to another. After the First Opium War (1839-1842) and the Second Opium War (1856-1860), Hong Kong (Treaty of Nanking) and Kowloon (Beijing Convention) were ceded to the United Kingdom by the Qing Dynasty government of China; and after the defeat of the First Sino-Japanese War, Taiwan was ceded to the Empire of Japan in 1895.
Assigning a portion of the risk to a reinsurer allows an insurance company to manage its overall risk more effectively and efficiently. Reinsurance can be taken out by a specialised reinsurance company such as Lloyd`s of London or Swiss Re, by another insurance company or by an in-house reinsurance service.