retrocession n[French rétrocession , from Medieval Latin retrocessio retreat, from Late Latin, act of going back, from Latin retrocedere to go back]
1 : the return of title to property to its former or true owner
in the civil law of Louisiana
: the return to a decedent's heirs of property of the decedent that had been sold or assigned by coheirs NOTE: An heir's right to retrocession has been repealed.
2 : the act of ceding back something (as jurisdiction)
3 a : the process by which all or part of the risks assumed in an insurance contract are reassigned or ceded by a reinsurer to another insurance company
b : the amount reassigned or ceded
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.