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 some ways physician malpractice insurance is much like car insurance in that the longer a physician goes without a claim the lower his premiums are likely to be.
Malpractice insurance is simply a must for nurses and if you have any doubts, just ask anyone who has been subject to a complaint or lawsuit.
Another way to lose money on medical malpractice insurance is to lose control of underwriting expenses.
1) In some cases, patients cannot even receive the care they need because many doctors facing high premiums have moved to states with lower malpractice insurance rates, leaving only a handful of doctors behind to do the work of the entire group they left.
Explicit imposing reasonable limits on malpractice claims would make possible increased benefits to more people - compared with the current system, which has no limits on the cost of litigation or awards, resulting in out-of-control malpractice insurance costs.
Offered under Farmers' subsidiary Truck Insurance Exchange, the privately held company collected about $230 million in medical malpractice insurance premiums during 2002, while the company generated about $13.
California sources report that the sheer volume of litigation could be driving increases in malpractice insurance costs in the state.
In the year of retirement, he converted his policy to nonpracticing malpractice insurance coverage for a specified premium amount.
The malpractice insurance that we had purchased through the American Institute of CPAs program followed me to my new practice.
There have been increases in malpractice insurance, which has grown by leaps and bounds," McMullen noted.
Jacksonville-based MedMal Direct Insurance Company (MedMal Direct) announces it has received its certificate of authority from the Georgia Department of Insurance and has officially launched operations as a medical malpractice insurance carrier in Georgia.
Since the adoption of Proposition 103, data show that malpractice insurance rates have dropped in California more significantly than the national average over the last two decades, while insurers have continued to be profitable.