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 ?
This subpart establishes consumer protections in connection with retail sales practices, solicitations, advertising, or offers of any insurance product or annuity to a consumer by:
The FSA also allowed securities subsidiaries of banks to sell life insurance products starting Tuesday, so banks can sell the new products in cooperation with their securities units.
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision jointly proposed on August 21, 2000, consumer protection rules for the sale of insurance products by depository institutions.
Nowotarski regularly files patent applications on behalf of his clients, which include some major insurance companies as well as many independent inventors of new types of insurance products.
Banking regulators have proposed consumer-protection rules that include key disclosures for the sale of insurance products and annuities by banking-related institutions, as called for by the Gramm-Leach-Bliley Act.
NASDAQ:AGII) is a national underwriter of specialty insurance products in niche areas of the property and casualty market, with approximately $3.
For all insurance products or services, an advertiser must identify the underwriting company and the location of its home or administrative office.
Marine and Management Liability coverages are considered specialized commercial insurance products.
Liberty International provides insurance products and services through two distinct approaches.
The Office of the Commissioner of Insurance has issued a guidance note on the use of the Internet, tackling issues such as the identity of service providers, system security, data integrity, privacy of client information, online sales of insurance products and the use of third-party Web sites.
Duck Creek Technologies, a provider of software and services enabling the insurance industry to design, develop, and deliver insurance products faster than ever, today announced that insurance industry software, services, and outsourcing business veteran Lee Fogle has joined the company as senior vice president, Field Operations, responsible for Duck Creek's Sales and Services functions.
State insurance regulators are trying to find ways to reduce the time it takes to approve new insurance products to meet consumer demand.

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