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 ?
Based on the language of the builder's risk insurance policy, the structure fits the definition of "existing inventory" and was therefore not covered under the terms of the policy.
Further, the court held that builder's risk insurance is a form of inland marine insurance, and that "a builder's risk inland marine policy remains in effect until the building is complete, the owner accepts the building or the contractor's insurable interest terminates."
7, 2000, Defoe wrote a check to Liberty for $9,472 as an initial deposit for insurance coverage, including builder's risk insurance, according to the lawsuit.
Brennan's of Atlanta Inc.,(1) in which, pursuant to a contractual agreement, the owner took out a builder's risk insurance policy on behalf of himself, the general contractor and subcontractors.
As the construction industry's multifamily sector begins to rebound, creating a spike in retailer brokers' demand for builder's risk insurance, massive fires at construction sites near Denver, San Francisco, Houston, Des Moines, Rockville and Anaheim, Calif., are changing the way underwriters approach pricing this critical coverage.