insurance

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Related to Insurance contract: Life Insurance Contract

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 ?
A life insurance or annuity contract to a long-term care insurance contract (via a partial 1035 exchange).
The joint FASB/IASB project on accounting for insurance contracts could impact reporting entities of all kinds.
While this applies well to life insurance contracts, it does not result in a relevant, reliable, comparable, transparent and understandable accounting for non-life insurance contracts, according to the GNAIE Comment Letter.
Situation 1--Surrender for cash surrender value: A, an individual, entered into a life insurance contract with cash value.
An investor's basis in a life insurance contract is increased by the amount of premiums paid under the contract.
The final regulations provide that the information be reported by attaching Form 8925, Report of Employer-Owned Life Insurance Contracts, to the policyholder's income tax return by the due date of the return.
According to the paper, "Risk margins should be determined for a portfolio of insurance contracts that are subject to broadly the same risks and are managed together as a single portfolio.
It will also be shown that the standard insurance contract can never be optimal if two different losses can occur separately or simultaneously.
The company also argued that if its claim against Friedman was barred by the Limits Agreement, then the Somersalls had breached their obligations under the SEF 44 insurance contract.
Damages for emotional distress the insured proves are therefore available in actions for bad-faith breach of insurance contract upon the showing of the insurer's liability.
The disadvantages to using a life insurance contract as an investment vehicle is that it requires a long-term commitment.
The insurance contract further provided that the insurer would not be obligated to pay benefits under circumstances where the insured was not legally obligated to pay for the services in the first instance.

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