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 ?
The scope of the Computer Fraud insuring agreement would become virtually limitless.
Coverage, provided by ISO Form CR 00 40, Kidnap/Ransom and Extortion Coverage, has four insuring agreements:
The market is ever-changing and as a result, insuring agreements are updated and sometimes new exclusions are added to the forms list.
The definitions, exclusions and insuring agreements must be analyzed and modified for each fund due to their unique structures, and manuscript policy language, once the privy of larger funds, has now become a more mainstream policy by several insurers.
This Insuring Agreement embodies a promise by the insurer to pay the legal liability of the insured "because of" certain defined terms, e.g., "bodily injury" or "property damage." This portion of the Coverage A Insuring Agreement serves as an exemplar for a basic grant of coverage which becomes modified and determined by defined terms in the policy.
In part one of the insuring agreement, the insurer agrees to pay all sums an insured legally must pay as damages because of bodily injury (BI) or property damage (PD) to which the insurance applies.
This definition was put on the CGL form in an attempt to define the scope of advertising activities and what triggers coverage under the personal and advertising injury insuring agreement. The CGL form added the part about the Internet and Websites to reflect the fact that many companies today advertise via electronic media.
-- Expanded insuring agreement, which includes automatic coverage for transportation exposures and completed operations;
Insuring Agreement and that are made on or after the Start Date of the first policy we issue to you and before the End Date of the last policy we issue to you in an uninterrupted succession of renewed policies are considered to be one claim first made at the time the earliest claim
All property and casualty insurance policies contain the following: the declarations page, the insuring agreement, exclusions, conditions, and endorsements, if any.
by the workers compensation law"--a very simple and straightforward insuring agreement. Whatever the particular state workers compensation law declares the benefit to be, say for a broken arm, that is what the insurer will pay.
Two key provisions to negotiate are the insuring agreement and covered activities.