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 ?
Aside from issues of policy construction and interpretation, an ultimate finding of coverage in either of these cases could gravely impact the availability of insurance coverage for those situations intended to be covered under a Computer Fraud insuring agreement (that is, a hacking situation whereby the fraudulent input of data or computer programs into an insured's computer system directly causes the debit of money from the insured's account) or a Funds Transfer insuring agreement (that is, when a fraudulent instruction is issued to a financial institution, purportedly by the insured, but in reality unbeknownst to and without the consent of the insured).
Hijacking is covered in the third insuring agreement as long as it is for an "insured person," which includes directors, trustees, partners, members or employees of any insured, and relatives, guests or residents in the household of an insured person or a messenger.
The insuring agreement in the Columbia policy provides that the policy applies to injury taking place during the policy period unless, instead of insuring injury taking place during the policy period, the Lexington policy insures occurrences taking place during the policy period, which it does.
The second insuring agreement pertains to security breach liability.
Each insuring agreement carries its own definition of what should be covered under an agent's E&O policy, so it is important to read the insuring agreement for each quote offered.
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.
The insuring agreement is the heart of the contract between the insurer and the insured.
Coverage A consists of two sections: insuring agreement and exclusions.
Providers should return to their insurance carriers and earnestly explore those sections of their general and professional liability policies under "insuring agreements" to see if language provides for provider input before settlement occurs.
The court ruled that despite the commercial liability language of the policy before it, given the language of the statute, the fireworks insuring agreement was in fact a suretyship agreement, and an injured party had a right of direct action against the surety.
One of the first steps in understanding crime insurance is to become familiar with the five basic components of the policy: declarations, insuring agreements, general agreements, conditions and limitations, and riders.
Areas covered include, but are not limited to, self-contained versus modular policies, preprinted versus manuscript policies, and specific policy provisions such as declarations, definitions, insuring agreements, exclusions, and conditions.