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 ?
Insurance companies are required to report suspicious transactions that are conducted, or attempted to be conducted, by or through an insurance company totaling at least $5,000 and involving a covered product.
Income taxes: Currently, seven states (FL, IL, MS, NE, NH, NY (only life) and OR) presently impose an income tax on insurance companies.
The following alternatives to traditional insurance are offered by most insurance companies.
Despite good internal controls and training, most of America's largest insurance companies eventually face bad faith allegations.
Low-balled estimates and settlements that dragged out for years have been among the common cries of those who hammered the insurance companies, particularly in the wake of the scandal that forced Insurance Commissioner Chuck Quackenbush to resign.
life insurance companies, particularly those companies that do not have broad rating coverage from all agencies,' he continued.
In order to take advantage of this resource, life insurance companies may have to think outside the box in how they perceive themselves.
Among the myriad activities held responsible for the Depression was the number of crossovers between banks, insurance companies and securities firms.
In addition, Fitch is withdrawing 23 previously existing Q-IFS ratings as these various property/casualty insurance companies no longer meet Fitch's criteria to be eligible to receive a Q-IFS rating.
This new world of financial services--"wealth management"--pits banks, investment firms and insurance companies in a battle for pre-eminence in the accumulation, management, distribution and preservation of individual wealth.
Not unless legislators take bold action against insurance companies.
Extent to which insurance companies currently have or use voice/data convergence solutions

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