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 ?
Personal injury coverage is also afforded by the Broad Form Comprehensive General Liability Endorsement, published by ISO in 1976, which includes an insuring agreement for personal injury and advertising injury liability coverage.
Insuring agreement three provides coverage for the insured.
In County of San Diego, the California Supreme Court again focused on specific wording in the insuring agreement, but held that excess policy language restricted coverage to court-ordered money judgments and did not include cleanup expenses incurred in responding to government orders.
One of the first steps in understanding crime insurance is to become familiar with the five basic components of the policy: declarations, insuring agreements, general agreements, conditions and limitations, and riders.
Insuring agreements, state forms, endorsements, exclusions and warranted applications can get out of hand if an agent is not careful.
Coverage for Madoff-related losses under this insuring agreement appears unlikely, however, as the standard crime insurance policy defines "forgery" in pertinent part as "the signing of another natural person's name with the intent to deceive, but does not mean a signature that includes one's own name, with or without authority.
Dedicated and separate limits for each insuring agreement (other than Claims expense)
Each policy is typically broken out into broad coverage sections identified by titles that include an insuring agreement and an exclusions section.
The duty to defend exists if the insurer "becomes aware of, or if the third-party lawsuit pleads, facts giving rise to the potential for coverage under the insuring agreement.
Additional insuring agreement providing for indemnification of Payment Card Industry (PCI) fines and penalties, covering up to $100,000 in fines and penalties resulting from non-compliance with published PCI data security standards
This is clearly an employee dishonesty loss, and the bookkeeper's actions also fall within the grant of coverage of the forgery and alteration insuring agreement.
In choosing among E&O insurance companies, the scope of the insuring agreement provided by each insurer's policy is obviously paramount.