Reinsurance is the practice of individuals taking multiple insurance policies to over-insure certain risks.

Name: Reinsurance is the practice of individuals taking multiple insurance policies to over-insure certain risks.
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Quizplus · Accepted Answer

Reinsurance is actually the practice of one insurance company transferring some or all of the risk it has assumed through insurance policies to another insurance company, in exchange for a fee. Individuals themselves cannot engage in reinsurance.

Reinsurance Is the Practice of Individuals Taking Multiple Insurance Policies