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 ?
Malpractice insurance is a necessity for any physician.
By the time the plaintiff actually learns that the defendant accounting firm does not have malpractice insurance, she has already invested a significant amount in the litigation and, therefore, may decide to continue to prosecute the claim in an effort to recover those resources already expended.
Buying too much coverage is another common way to lose money on medical malpractice insurance.
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.
The first step that CPAs should take is to call their malpractice insurance carrier and tap into their experience and legal resources.
The model for freezing malpractice insurance is in California, where voters approved an initiative that resulted in a rate freeze, a rate rollback, and regulation that reduced medical malpractice premiums.
7) Enact legal reform to reverse spiraling malpractice insurance rates and to reduce significant expenditures that result from fear of lawsuits.
I wonder, however, why malpractice insurance companies that charge doctors hundreds of thousands of dollars in premiums don't sue those lawyers who have instituted frivolous lawsuits against them.
I wonder, however, why the major malpractice insurance companies--those that charge doctors hundreds of thousands of dollars in premiums--do not sue those lawyers who have instituted frivolous lawsuits against them.
I wonder, however, why the major malpractice insurance companies do not sue those lawyers who have instituted frivolous lawsuits against them.
It is clear that the current malpractice insurance crisis is having a profound effect on the cost, and even the availability, of health care.