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 classic literature ?
Harold, messenger to the Planet Insurance Company and one of the most assiduous money-borrowers in London, had listened to the office gossip about the legacy as if to the strains of some grand, sweet anthem.
I thought an insurance company never smashed," was Helen's contribution.
On hearing the news about the insurance, Amelia, in a good deal of alarm, entreated her husband to go to Brussels, where Jos then was, and inquire into the state of his affairs.
I shall depart for the latter town in a fortnight or three weeks; and my intention is to hire a ship there, which can easily be done by paying the insurance for the owner, and to engage as many sailors as I think necessary among those who are accustomed to the whale-fishing.
Bless my insurance policy, but it's a terrible beast
The Shipping and Mercantile Gazette, the Lloyd's List, the Packet-Boat, and the Maritime and Colonial Review, all papers devoted to insurance companies which threatened to raise their rates of premium, were unanimous on this point.
Philip's father was a surgeon in good practice, and his hospital appointments suggested an established position; so that it was a surprise on his sudden death from blood-poisoning to find that he had left his widow little more than his life insurance and what could be got for the lease of their house in Bruton Street.
The praise of mankind was his swing; philanthropy was his insurance office.