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 ?
While organization can benefit from captive insurance companies' ability to access the federal terrorism insurance backstop, few U.
Moreover, the new wave of suicide attacks has created a climate of fear not only among businesses but also among Lebanese citizens who have started resorting to passive war and terrorism insurance plans to secure the well-being of their families in case they die.
According to Marsh's report, capacity in the stand-alone property terrorism insurance market is relatively stable, though limited.
But after 9-11, property insurance no longer included acts of terrorism, and carriers began offering separate terrorism insurance policies using the U.
Sixty-one percent of firms surveyed purchased property terrorism insurance in 2009, an increase from 57 percent in 2008 and representing a steady climb from 27 percent in 2003.
Terrorism insurance rates are relatively low in most areas of the country and will continue to be so when TRI.
Fitch continues to believe that terrorism insurance coverage remains an important component of the U.
The result would be reduced competition and a greater concentration of risk as small- and medium-sized regional or single-state insurers are driven out of the terrorism insurance market.
TRIA is integral to keeping affordable lines of terrorism insurance available to all organizations conducting business in the United States," says RIMS board director Carolyn Snow.
This extension runs counter to the public policy goal of reducing and eventually eliminating the federal government's role in the terrorism insurance market, and it sends the wrong message to the marketplace for a program that was intended to be temporary.
Insurers are apprehensive about writing terrorism insurance in perceived target zones such as New York; Washington, D.
The TRIA was meant to be a temporary fix, guaranteeing that coverage would be available while a private market for terrorism insurance developed.

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