Assume

(1) To reinsure all or part of another insurer’s risk. (2) A risk management technique involving the retention of risk (e.g., self-insurance).
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To take over a risk the converse of cede.
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To accept from another insurer all or part of the risk of an insured loss.
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REINSURANCE: To accept an obligation to indemnify all or part of a ceding company’s insurance or reinsurance on a risk or exposure subject to the contract terms and conditions.