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 ?
The insurance policy holder, with the expired driving licence, may not claim a reimbursement of the court-ordered blood money amount from the insurance firm in an accident he caused.
The latest approval brought the number of foreign insurance firms allowed to do business in China to 14, though they have so far been confined to Shanghai and the southern city of Guangzhou.
However, given the serious situation life insurance firms face today, a system should be established to allow them to reduce guaranteed yields to policyholders.
Rakover, now a retired mechanical engineer, said he has been battling with Italy's largest insurance firm since 1995.
Perryman says it was his good credit rating and background in the business that eventually convinced one insurance firm to issue him a small bond.
An insurance firm must maintain an excess of assets over liabilities equal to at least 120% of the total loss risk to ensure solvency.
26 /PRNewswire/ -- BRI Holding Corporation (BRI), a New York-based international retail insurance firm and Underwriters Insurance Group, PLC (U.
Global Banking News-November 25, 2015--Nippon Life increases stake in Indian insurance firm
Muscat: Oman's leading investment holding company Oman National Investment Corporation (ONIC) Holding is negotiating with a regional Islamic insurance firm to jointly promote a takaful insurance company in Oman.
The insurance firm, which is moving from 550 Mamaroneck Ave.
The Osaka District Court on Friday ordered a doctor to pay 50 million yen in compensation to an insurance firm over a false diagnosis made in connection with an insurance fraud case.
Risk of misappropriation of assets is related to specific assets owned by the insurance firm, especially cash.

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