insurance

(redirected from Insurance contract)
Also found in: Dictionary, Thesaurus, Medical, Legal, Encyclopedia, Wikipedia.
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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

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.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005

insurance

A commercial contract agreeing to compensate one for loss in the event of specifically named or described risks.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
The court also noted the arguments of PLIA that policy loans, premium payments and insurance contracts do not reflect the insured's credit worthiness.
We begin by addressing AUCRA's argument that the district court ignored this court's "narrow" mandate and improperly considered the entire program of workers' compensation insurancerather than only the RPAin determining that the RPA is an insurance contract under Virginia law.
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.
"This judgment clarifies the position on claims arising from an insurance contract, service or operation, and highlights the risk that such claims may be rejected by UAE courts for failure to follow required procedures." The Abu Dhabi Court of First Instance Ruling
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. 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.
Hence, the PEICL does not require that the insurance premium be paid in advance as a condition of the entry into force of the insurance contract. However, this provision does not preclude any agreements to the effect that the payment of the insurance premium is a condition of the activation of the insurance cover.
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.
A long-term care insurance policy issued after 1996 meets the definition of a "qualified long-term care insurance contract," under IRC Section 7702B(b), if
If the contract meets the life insurance contract definition, Sec.
* Gains recognized by an original policyholder upon the surrender of a life insurance contract, and a portion of the gains recognized upon the sale of a life insurance contract, are ordinary income.

Full browser ?