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 ?
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.
The Company offers insurance products through its subsidiaries, Proformance Insurance Company and Mayfair Reinsurance Company, and insurance-related services through Riverview Professional Services and the National Atlantic Insurance Agency.
The latest measure brought a step closer full liberalization of sales of insurance products by banks, following an initial deregulation in April 2001 allowing lenders to sell only limited types of nonlife products.
These disclosures must be made orally and in writing before the completion of the sale of an insurance product or annuity.
For insurers, this meant that patent protection could extend to new insurance products, and even improvements on existing products.
Nevertheless, the new table will affect life insurance products, and different types of products will be affected differently.
It's also different from other universal life insurance products because it's more affordable and not intended to build cash value.
The disclosures include informing the consumer that the insurance product or annuity is not insured by the FDIC or any other agency of the United States, the institution or an affiliate; the insurance product or annuity is not a deposit or other obligation of, or guaranteed by, the depository institution or its affiliate, and if the insurance product or annuity involves an investment risk, consumers must be told there is a risk and informed of the possible loss of value.
Tailored to the travel industry, our suite of insurance products gives travel professionals a level of choice that has long been absent from the marketplace.
NASDAQ:AGII), announced today a strategic arrangement with Stratus Insurance Services to offer general liability, limited professional liability, inland marine, and property insurance products on an exclusive basis to members of two national trade and professional associations.
We continue to see online purchases as a growth area for life insurance products," commented Shannon Kennedy, co-founder of SASid.

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