insurance

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Insurance

Guarding against property loss or damage by making payments in the form of premiums to an insurance company, which pays an agreed-upon sum to the insured in the event of loss.

Insurance

A contract between a client and a provider whereby the client makes monthly payments, called premiums, in exchange for the promise that the provider will pay for certain expenses. For example, if one purchases health insurance, the provider will pay for (some of) the client's medical bills, if any. Likewise in life insurance, the provider will give the client's family a certain amount of money when the client dies. The insurance company spreads the risk of any one expense by pooling the premiums from many clients. See also: Takaful.

insurance

a method of protecting a person or firm against financial loss resulting from damage to, or theft of, personal and business assets (general insurance), and death and injury (life and accident insurance). Insurance may be obtained directly from an INSURANCE COMPANY or through an intermediary such as an INSURANCE BROKER/AGENT. In return for an insurance premium the person or firm obtains insurance cover against financial risks. See ASSURANCE, COST, INSURANCE AND FREIGHT.

insurance

a method of protecting a person or firm against financial loss resulting from damage to, or theft of, personal and business assets (general insurance), and death and injury (life and accident insurance). Insurance may be obtained directly from an INSURANCE COMPANY or through an intermediary such as an INSURANCE BROKER/AGENT. In return for an insurance premium, the person or firm obtains insurance cover against financial risks. The term assurance is frequency used interchangeably with that of insurance to describe certain kinds of life insurance. See RISK AND UNCERTAINTY.

insurance

A commercial contract agreeing to compensate one for loss in the event of specifically named or described risks.

References in periodicals archive ?
In Florida, New Orleans and California, the demand to build outpaces the availability of builder's risk insurance.
As with Builder's Risk insurance, Quote Marine enables agents to submit an Ocean Cargo application by completing a few easy-to-navigate screens.
BuildPoint plans to add more builder's risk insurance features to the site in the near future, including the streamlining of the certificate issuance process, as well as additional types of construction-related insurance by the end of the year.
AIG), today announced that the company has increased capacity for builder's risk insurance to $100 million, from $50 million.
However, the design/build contract with its liquidated damages provisions and its attendant builder's risk insurance policy should adequately contain costs and assure timely opening of the project.
The authority carries $10 million in project professional services errors and omissions insurance coverage and $50 million in builder's risk insurance ($25 million per occurrence for incidences related to ground subsidence) that could offset $20-30 million of the costs.