retrocession

noun

ret·​ro·​ces·​sion ˈre-trə-ˌse-shən 

1

: the return of title to property to its former or true owner

specifically, 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Note: An heir's right to retrocession has been repealed.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

Word History

Etymology

French rétrocession, from Medieval Latin retrocessio retreat, from Late Latin, act of going back, from Latin retrocedere to go back