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 a separate and companion opinion, however, the California Supreme Court held in County of San Diego that an insuring provision of a"manuscript form" excess policy did not extend coverage to costs and expenses associated with responding to administrative orders outside the context of a government-initiated lawsuit.
The valuation method differs for insuring equipment.
Cuomo said that on January 1st, HUD began insuring mortgage loans for single-family homes ran ranging from a limit of $121,296 in communities where housing costs are relatively low, to a limit of $219,849 in areas where housing costs are high.
Klum's role as a spokeswoman for German electronics company Braun's Soft-Perfection Epilator prompted the company to protect its assets by insuring the model's legs for nearly 52 million.