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 ?
It continues the historical practice of relegating the regulation of traditional insurance products to the states, and the regulation of separate account insurance products to the Securities and Exchange Commission, while the Federal Reserve receives umbrella authority over the financial holding company.
The final chapter, which focuses on the managerial concerns involved in the individual disability income insurance product, provides a good summation of most of the topics touched on in the text.
Some companies have introduced low-load or no-load insurance products for both the corporate and individual markets.
MobiKwik has created a lightning fast, fully digital in-app purchase flow on its App for this new smart insurance product. Buyers have the option to choose from 3 sums assured variants of Rs 1 lakh, Rs 1.5 lakh and Rs 2 lakhs, which are bundled with an additional Rs 1 lakh, Rs 1.5 lakh and Rs 2 lakhs of accident disability, at no additional cost.
To create the interstate insurance product regulation commission; and
(ii) Any other person only when the person sells, solicits, advertises, or offers an insurance product or annuity to a consumer at an office of the bank or on behalf of a bank.
'One of the proposed legislative measures is the proposed amendments to the Insurance Code [Republic Act 10607] to broaden the scope of insurance to include nonindemnity-based products such as parametric insurance products,' Funa told the BusinessMirror through electronic mail.
'Previously, FWD Life presented personal accident benefit as the only insurance product that guarantees protection for high-risk activities called ACTU-FREE and launched a Less Exclusion initiative that reduces the exceptions to all FWD Life products,' said Ade.
Under the new circular, 'insurance companies may use mobile applications in the distribution of their insurance products provided that the use thereof had been previously approved by the Insurance Commission.'
SURE, a personal insurance distribution platform, says that it has introduced the first app-based rental car insurance product in the United States.
* Understand key regulations and market practices pertaining to various types of insurance product.
* Understand key regulations and market practices relating to various types of insurance product.

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