I believe another term for this is to "run it".

I actually heard of this for the first time last week. I had pocket kings and pushed all in on the flop. My opponent had a flush draw, he asked if i wanted to "run it".

1st run: he makes his flush
2nd run: I get a king on the river.
3rd run: i get another king on the river.

I won 2/3 of the pot. not bad considering i was all in and he would have won with his flush had i not agreed to "run it"