Casualty Insurance(redirected from Insurance Contract, Property and Casualty)
Also found in: Medical.
A category of insurance that covers unforeseen events on a stated asset or assets. Car insurance, workers compensation insurance, and elevator insurance all fall under this general category. Often, casualty insurance only covers a particular event or asset. That is, car insurance covers one's car (and perhaps the persons within it) only. Casualty insurance provides coverage to the policyholder in the event the insured event occurs; the coverage is contingent upon the timely payment of premiums.