This is a customer's policy that is ceded to the bank Standard Bank would hold the cession, while Charter or Liberty Life would retain the policy document
The unit of insurance passed to the reinsurer by the ceding company The unity (cession) may accordingly be the whole or a portion of: a) single risks; b) defined type or class of policies; or c) defined divisions of a policy as agreed
the act of giving up land, property, or rights, especially to another country after a war, or something that is given up in this way cede (cessio, from cedere; CEDE)