insurance

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Related to Insurance contract: Life Insurance Contract

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 ?
regulators are saying that although they continue to support a single, high-quality global standard for insurance contracts, the FASB and IASB proposals for such contracts don't manage to do that because they would not result in "decision-useful information necessary for financial statement users.
The employer obtained employee signatures on documents disclosing the basic terms of the insurance contracts.
The standard proposed in the IASB's ED would permit the issuer of a financial guarantee contract to account for the contract as an insurance contract or as a financial instrument, with different accounting standards applying depending on the issuer's choice.
The penalty for not meeting the disclosure and issuer responsibility requirements is a tax equal to $100 per insured for each day that any of these requirements are not met for each qualified long-term care insurance contract.
2009-13 on the amount and character of income to be recognized involving the surrender or sale of a life insurance contract that meets the definitional requirements of Sec.
Gains recognized by an investor on the receipt of death benefits under a life insurance contract are ordinary income.
As a result, an increasing number of issuers now develop contracts with maturity dates beyond age 100, even though the qualification of the contracts as life insurance contracts (and as MECs) is tested using computational rules that deem the contracts to mature between the date the insured attains age 95 and the date the insured attains age 100.
Under IRC [section] 60391, every policyholder owning one or more employer-owned life insurance contracts issued after Aug.
The first building block will be an estimate of the future cash flows for all insurance contract obligations, including expected future losses, loss adjustment expenses, premiums and policy maintenance costs.
The Financial Accounting Standards Board has issued an invitation to comment to help it decide whether there is a need for a project on accounting for insurance contracts and whether it should undertake this project jointly with the International Accounting Standards Board.

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