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English definition of “cession”

cession

noun [C or U]     /ˈseʃən/
LAW an occasion when one person or country officially gives land or property to another, or the act of officially giving land or property away
INSURANCE the act of passing risk from an insurance company to its reinsurer (= a company that insures an insurance company to protect it against large demands from its customers): Reinsurance cessions reduce claims and claim expenses.
(Definition of cession noun from the Cambridge Business English Dictionary © Cambridge University Press)
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