insurance

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Related to Insurance Contracts: insurance policy, Health Insurance Contracts

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 ?
IFRS 4 was issued, as there was a need to improve disclosures for insurance contracts. There was also a need to improve recognition and measurement practices.
The court also noted the arguments of PLIA that policy loans, premium payments and insurance contracts do not reflect the insured's credit worthiness.
Neither party argues that the terms of the CNI policies themselves fail to meet the statutory requirements for insurance contracts. Construing the CNI policy terms as integrated with those of the RPA, as though the terms of each were written in a single document, it becomes clear that the contract at issue is an "insurance contract" under Virginia law.
Al-Hamoudi noted that the insurance contract provides full protection for all Saudia aircraft in partnership with major global reinsurers who will provide an integrated reinsurance program for this type of risk.
Al-Hamoudi also praised the wide scope of cooperation with Saudia that includes one of the largest medical insurance contracts to provide health care to Saudia employees and their family members.
The insured (the "Claimant") entered into a comprehensive vehicle insurance contract, valid until 28 November 2018 ("Insurance Contract") with the insurer (the "Respondent").
regulators agree with prohibiting immediate gain recognition for all insurance contracts, regardless if the insurance contract is direct or assumed by the reporting entity and regardless if the risk is retained or ceded.
The employer obtained employee signatures on documents disclosing the basic terms of the insurance contracts. Even though it did not specifically obtain the required consents, the IRS found that the employer made a good faith effort to comply, and that each employee implicitly consented by signing the application and agreement.
During discussions regarding the draft IL 2012 (which not only aims at implementing Solvency II directive, but, among other issues, also amends some rules on insurance contracts), Lithuanian non-life insurers were successful in arguing that in case of non-life insurance if the second or any other subsequent premium has not been paid, it is sufficient that the non-life insurer notifies about non-payment, gives a 30-day period after which, in case the premium is still due, the contract expires.
Gross says he sometimes recommends that clients who are in or approaching retirement exchange an investment-oriented variable insurance contract (such as variable universal life) for a guaranteed UL product that offers more certainty with regard to cash value accumulation, death benefit and premium.
GAAP currently contains specific guidance on accounting for insurance contracts (such as life insurance policies) from the insurer's perspective.
This rule is applied separately to plans that include coverage for qualified long-term care services or are qualified long-term care insurance contracts (see Q 340) and plans that do not include such coverage and are not such contracts.

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