noun | \ ˈse-shən \ | ces·sion
  1. a : assignment or transfer of property rights by a debtor to a creditor

    b : transfer of liability by an insurer to a reinsurer

    c : transfer of control of or sovereignty over specific property or territory especially by treaty such district…as may, by cession of particular States…become the seat of the government of the United States —U.S. Constitution art. I

  1. : the monetary amount of liability ceded by an insurer to a reinsurer — compare concession