A Cession may involve which of the following?

The correct choice encompasses all the options because a cession in the context of reinsurance refers to the transfer of risk from the primary insurer to the reinsurer. This transfer can indeed involve a variety of structures and agreements.

When discussing single risks, reinsurance can be placed on a particular risk that the insurer wants to cede to a reinsurer. This is common with large or unusual risks where the original insurer may not want to retain the full exposure.

Defined policies refer to coverage provided under a specific insurance policy. A cession can involve an entire policy where the insurer decides to pass on part of the risk associated with the policy to the reinsurer, ensuring that they can manage their exposure effectively.

Additionally, a cession can involve defined divisions of a policy as agreed between the original insurer and the reinsurer. This means that specific portions of the risk within a policy can be ceded, which allows for flexibility in managing risk exposure for both parties.

Since a cession can simultaneously involve single risks, defined policies, and particular divisions of a policy, the comprehensive answer includes all of the specified elements.