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 ?
These levels of increase can only be estimated because of the competitive nature of the ocean marine insurance business.
This provision is consistent with inland marine insurance as opposed to property insurance.
Among the statistics IUMI has compiled is a recent estimate of total global marine insurance premium of some $13 billion for the year 1997, which is about $1 billion less than 1996.
In Chapter 3 the risks covered by a policy of marine insurance are discussed, supported by numerous excellent examples of interpretations of policies.
As the text clearly out, a loss in marine insurance is referred to as an average.
An up-to-date analysis of current issues affecting marine insurance law and market practice
I must thank the Asia Insurance Review and the Hong Kong Federation of Insurers for choosing Hong Kong again for the fifth Asia Marine Insurance Conference.
North's joint managing director Paul Jennings said: "North and SMMI are two of the longest-established businesses in the region, with highly-respected reputations for service excellence and the provision of financially secure marine insurance to the global marine and aquaculture industries.
The American Institute of Marine Underwriters (AIMU) has over 100 years of service as the trade association representing the United States ocean marine insurance industry as an advocate, educator and information center.
The Daido Fire & Marine Insurance is a non-life insurance company operating primarily its business in Okinawa prefecture, which reflects its historical background and has a very large market share in the prefecture.
To the extent that such risks can be quantified, the marine insurance industry has a track record of providing coverage for such perils at rates, terms and conditions that reflect the perceived exposure.
Sompo Japan was created last July by a merger between Yasuda Fire & Marine Insurance Co.

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