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 ?
Meftah added: "National companies are a major contributor to the development of the local marine insurance sector, taking a 71 per cent market share in 2017 while 29 per cent was occupied by foreign insurance subsidiaries."
Marine insurance also has unique aspects that necessitate more expertise and customization.
Marine Cargo Claims A claim upon a policy of marine insurance may arise upon the happening as the result of insured peril of any of the following:-
marine insurance market in 2007 of $833 million, it appears that the insurance industry would be financially capable of handling U.S.
Without engaging in any factual analysis concerning whether the policy was consistent with inland marine insurance as opposed to property insurance, the trial court summarily ruled that the policy is not an inland marine policy In a landmark decision filed on March 27, 2007, the Arizona Court of Appeals, Division One, overturned the trial court decision and ruled that the policy constitutes an inland marine policy.
It absorbed the failed Taisei Fire & Marine Insurance Co.
Moores will be responsible for providing survey and adjusting services for the international marine insurance market for any shipping incidents occurring in the Hong Kong area.
Taisei Fire & Marine Insurance Co., which collapsed last November, signed a merger contract Monday with Sompo Japan Insurance Inc.
Taisei Fire and Marine Insurance reported excess debts of $323 million, with claims from the attacks costing the insurer $604 million.
on Tuesday confirmed the insurance financial strength ratings of Aa2 for Yasuda Fire & Marine Insurance Co.
Auto insurance policies are expected to be offered by Sumitomo Marine and Fire Insurance Co., Dai-Tokyo Fire and Marine Insurance Co., Tokio Marine and Fire Insurance Co., Mitsui Marine and Fire Insurance Co., Yasuda Fire and Marine Insurance Co., American Home Assurance Co.
The Managing Director of Norway's Central Union of Marine Underwriters (CEFOR) warned insurers on November 11 that losses are inevitable in marine insurance this year and premium rates must be raised to reflect exposures.

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