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 ?
Carriers are structuring the policies as endorsements to standalone property terrorism insurance policies or as separate policies.
TRIA, a public-private partnership to safeguard the availability of commercial terrorism insurance, is not a corporate giveaway or a subsidy, nor is it a mechanism for supplanting the private sector in the insurance marketplace.
reported an increase in the demand for passive war and terrorism insurance by more than 50 percent, mainly by banks, hotels and large companies.
The Congresswoman has fought for Terrorism Insurance for over 10 years, helping Congress pass the first TRIA in 2002.
In the event that the Terrorism Risk Insurance Act (TRIA) is discontinued and not replaced by a similar government-sponsored program, Marsh anticipates that the availability of terrorism insurance would be greatly reduced in high-risk areas, such as business districts within major metropolitan areas.
84 percent of outstanding commercial mortgages require terrorism insurance.
Sharon Emek, chair of the board of the Independent Insurance Agents and Brokers of New York, testified, "The federal backstop created by these laws has worked well and ensured that terrorism insurance is available and more affordable," she said.
A recent report from Marsh finds the purchase of property terrorism insurance in 2005 varied considerably, depending on a company's total insured values, location and industry sector.
Muhammad Said, 23, on his purchase of a terrorism insurance policy, so far available only in Iraq.
For one thing, the authors--Peter Chalk, Bruce Hoffman, Robert Reville, and Anna-Britt Kasupski--write that "take-up rates" for terrorism insurance are too low--not enough businesses are buying terrorism insurance.
TRIA's three-year term ends this December, so Congress has to determine in the next few months whether the act should be renewed, whether an alternative terrorism insurance program with government involvement should be substituted for it, or whether insurance coverage should be left solely in the hands of the private sector.

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