Cedent

The person that gets ceded a something-of-value in case...x happens.

A cedent is an insurance term, and refers to an insurer who has written a primary policy, but is now transferring (ceding) part or all of the risk to a reinsurer. If an insurance company suffers losses that are too great, the company can transfer some of the risks to a reinsurance company, thereby keeping the parties insured, but also protecting their bottom line.

There are a few ways to set this up. One setup is excess of loss. This brings in the reinsurer if losses exceed a certain amount.
Another setup is coinsurance, or original terms reinsurance.

For example, ABC insurance simply can’t sustain the losses it’s occurred this year. A freak hurricane came through and wiped out two-thirds of the homes they insured, and it just can’t pay the claims. They can partner with a reinsurer company, who will receive a percentage of all the premiums paid, dividends, and policy loans. The reinsurer reimburses the ceding company for a portion of their expenses. In this way, ABC can stay afloat, but still cover their insureds. They miss out on collecting all the premiums, but eh...better than going bankrupt, right?