cession
nounUK /ˈsɛʃən/
Etymology From Middle French cession, from Latin cessionem, from past participle of cēdere (“to yield”). By surface analysis, cede + -sion.
1
That which is ceded.
2
A risk, or part of one, which is transferred from one actor to another.
- The reinsurance company accepted a 25% cession from the direct insurer.
3
The giving up of rights, property etc. which one is entitled to.
- […] Rashleigh, whose occasions frequently call him elsewhere, has generously made a cession of his rights in my favour; so that I now endeavour to prosecute alone the studies in which he used formerly to be my guide.1817 December 31 (indicated as 1818), [Walter Scott], chapter X, in Rob Roy. […], volume I, Edinburgh: […] James Ballantyne and Co. for Archibald Constable and Co. […]; London: Longman, Hurst, Rees, Orme, and Brown, →OCLC, page 228:
- Related terms
- cessation, concession, excession, precession, procession, recession, secession, succession