cession
American Heritage Dictionary:
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ces·sion
(sĕsh'ən) 
n.
n.
- A ceding or surrendering, as of territory to another country by treaty.
- Something, such as territory, that is ceded.
[Middle English, from Old French, from Latin cessiō, cessiōn-, from cessus, past participle of cēdere, to yield.]
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cession
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This entry contains information applicable to United States law only.
The act of relinquishing one's right.
A surrender, relinquishment, or assignment of territory by one state or government to another.
The territory of a foreign government gained by the transfer of sovereignty.
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The portions of the obligations in an insurance company's policy portfolio that are transferred to a reinsurer. Risk can be transferred to the reinsurer in one of two ways: proportional or non-proportional. Proportional reinsurance is an arrangement where the insurer and reinsurer share an agreed percentage of both premiums and losses. Non-Proportional reinsurance is a system by which the reinsurer pays only when losses are over an agreed-upon amount.
Investopedia Says:
The reinsurance industry has become increasingly sophisticated due to competition within the insurance industry. Reinsurance creates an opportunity for insurer and reinsurers to profit at each others' expense based on the accuracy of the actuarial calculations which price the risk incurred. For example, suppose a reinsurer believes the risk of loss on a certain coverage is less than is actually the case. If an insurer has a more accurate risk model, he can recognize that a reinsurer is undercharging for this coverage. In this case, the insurer simply sells the policies to customers at the higher rate and buys reinsurance at the lower rate, locking in an arbitrage profit.
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Word Tutor:
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cession
IN BRIEF: Surrender of possessions or rights to others.
There was a big cession of land to the victors of the war.
Tutor's tip: Another word that sounds like cession is session.
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Wikipedia on Answers.com:
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Cession
The act of cession is the assignment of property to another entity. In international law it commonly refers to land transferred by treaty. Ballentine's Law Dictionary defines cession as "a surrender; a giving up; a relinquishment of jurisdiction by a board in favor of another agency"[1] In contrast with annexation, where property is forcibly given up, cession is voluntary or at least apparently so.
A similar concept to cession is concession, while a recession is a completely different concept.[citation needed]
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Contents
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Examples
In 1790, the U.S. states of Maryland and Virginia both ceded land to create the District of Columbia, as specified in the U.S. Constitution of the previous year. The Virginia portion was given back in 1847, a process known as "retrocession".
After the Opium Wars, Hong Kong and Kowloon were ceded by the Qing Dynasty government of China to the United Kingdom.
Territory can also be ceded for payment, such as in the Louisiana Purchase and Alaska Purchase. Even fraud can be involved, such as in the Treaty of New Echota, whereby lands already taken in 1832 by outright theft of the U.S. state of Georgia were later "ceded" to the state by a Cherokee leader.[citation needed]
Claridge's ceded a hotel room in the Second World War to be temporarily part of Yugoslavia so the new crown prince could be born on his country's own "soil".
Specific areas of law
Contract law
This is a yielding up, or release.[2] 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. Cessions have been severally made of a part of their territory by New York, Virginia, Massachusetts, Connecticut, South Carolina, North Carolina, and Georgia.
Civil law
Under the civil law system, cession is an act by which a personal claim is transferred from one party (the cedent) to another, (the cessionary). Whereas real rights are transferred by delivery, personal rights are transferred by cession. Once the obligation of the debtor is transferred, the creditor is entirely substituted. The original creditor (cedent) loses his right to claim and the new creditor (cessionary) gains that right.
Ecclesiastical law
When an ecclesiastic is created bishop, or when a parson or rector takes another benefice without dispensation, the first benefice becomes void by a legal cession, or surrender.
See also
References
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Translations:
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Cession
Nederlands (Dutch)
het overdragen(e)
Français (French)
n. - (Jur) cession, bien acquis par cession
Deutsch (German)
n. - Abtretung
Ελληνική (Greek)
n. - (νομ.) εκχώρηση, παραχώρηση
Italiano (Italian)
cessione, rinuncia
Português (Portuguese)
n. - cessão (f)
Русский (Russian)
уступка, передача
Svenska (Swedish)
n. - överlåtande, cession (jur.)
中文（简体）(Chinese (Simplified))
领土的割让, 转让
中文（繁體）(Chinese (Traditional))
n. - 領土的割讓, 轉讓
한국어 (Korean)
n. - 할양, 양도, 양여된 토지
العربيه (Arabic)
(الاسم) تنازل عن شي, تسليم
עברית (Hebrew)
n. - מסירת שטחים, ויתור
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American Heritage Dictionary
The American Heritage® Dictionary of the English Language, Fourth Edition Copyright © 2007, 2000 by Houghton Mifflin Company. Updated in 2009. Published by Houghton Mifflin Company. All rights reserved.
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West's Encyclopedia of American Law
West's Encyclopedia of American Law. Copyright © 1998 by The Gale Group, Inc. All rights reserved.
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