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 ?
In 1970s, the federal government nationalized all insurance firms and created a large state-run conglomerate, today called the State Life Insurance Corporation of Pakistan.
The insurance firm has revealed that Alsleben has over decade long experience in the global insurance sector and has been associated with the AXA Group French headquarters in Paris, in addition to with to the AXA Germany.
Many commentators suspect the real reason is a complete lack of transparency as regards the true profitability of insurance firms and a desire on the part of insurers to sneak in price rises on the back of requirements to hold greater reserves under EU rules.
i][greater than or equal to]0 the amount of insurance payment paid to k, who is insured by insurance firm i, where i [member of] {1, 2, .
BEIRUT: More than 50 insurance firms exist in Lebanon but 10, which are mainly owned by local banks, control around 80 percent of the market.
He appealed the primary verdict and the Court of Appeal quashed the earlier ruling and ordered the insurance firm to repay the plaintiff the blood money.
It does not look like the regulator will license more insurance firms.
THOUSANDS of families affected by asbestos could receive compensation after a challenge against claims by insurance firms was thrown out.
The insurance firm warned employers that unless they took action now, they could be liable to future claims from workers over smoking-related ill health.
The multi-million pound industry must pick up the tab for bankrupt insurance firm Chester Street.
Insurance firm Unum yesterday reported a big increase in claims for stress-related illness.
An insurance firm must maintain an excess of assets over liabilities equal to at least 120% of the total loss risk to ensure solvency.

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