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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.


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.


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

References in periodicals archive ?
rnby Houses want the insurance contract shall enter into force on 04.
In general, ASC Topic 944 requires insurance entities to employ one of several accounting models to each insurance contract issued depending on the nature and duration of the contract.
By comparison, for a traditional life insurance contract the unknowns are when the insured will die, if it will happen before the contract expires or lapses;

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