Assume

{
  "id": "MLC-T-INS-000472",
  "term": "Assume",
  "field": "Insurance and risk management",
  "definition": "To accept risk or liability from another party, thereby taking on the financial responsibility for potential losses. In reinsurance, the reinsurer assumes a portion of the original insurer's risk in exchange for a share of the premium. This transfer of risk is formalized in a reinsurance treaty or facultative certificate that specifies the exact liabilities being accepted.",
  "url": "https://mlchart.com/terminology/insurance/assume/"
}