insurance

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Related to Insurance Contracts: insurance policy, Health Insurance Contracts

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 ?
Debate between the London-based International Accounting Standards Board and insurance trade groups, and between both and the European Commission--the EU's executive body--heated up last year to the point where, early this year, the IASB decided to put off bringing insurance contracts into the fold until it has time to explore more fully the implications of IFRS for insurers.
The book is detailed in its discussions and references and should be a very good addition to the law library of any law firm involved in insurance contract litigation.
One does not often find valuable practice pointers in what is almost a treatise on insurance law, but Stampel suggests some rather innovative approaches to various areas of insurance contract disputes.
Combined providing insurance coverage under the insurance contract, the contracting authority
We believe the cash surrender value method of accounting for life insurance contracts is no longer justified for several reasons:
In sum, while written mainly for aspiring CPCU designates, this book should find a wide audience among insurance lawyers, insurance economists, and students who are interested in a general, nontechnical overview of insurance contract law and design.
IFRS 4 provides the first international guidance on insurance contracts, and IFRS 5 is the initial standard resulting from the IASB's joint project with the Financial Accounting Standards Board to reduce differences between IFRSs and GAAP.
These tax-qualified plans are funded entirely by life insurance contracts or annuities.
4 billion yen in new individual life insurance contracts in the six months to Sept.
Consumers expect cash options for life insurance contracts that require pre-funding.
It is shown that the AHP, as a decision-making methodology, unifies the characteristics of life insurance contracts with an individual's preference set to create a determinate model which assists an individual in selecting a life insurance contract while considering simultaneously the ordering of all characteristics important to the individual.

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