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 classic literature ?
INSURANCE AGENT: Why, your house may burn down at any time.
INSURANCE AGENT: But if your house burns without insurance it
INSURANCE AGENT: O, we should make ourselves whole from our
INSURANCE AGENT: I will not deny it -- but look at the figures in
INSURANCE AGENT: You spoke of saving the premiums which you would
not peculiar to insurance, but as a charitable institution you
The George who strolled that pleasant morning on the Promenade des Strangers differed both externally and internally from the George who had fallen out with Harold Flower in the offices of the Planet Insurance Company.
The Lady Julias of this world did not marry insurance clerks, even if their late mother's cousin had left them a thousand pounds.
The solicitor of the insurance company swore it was the blackest case that ever had come before him, talked of sending a commission to Aix to examine into the death, and the Company refused payment of the policy.
The Shipping and Mercantile Gazette, the Lloyd's List, the Packet-Boat, and the Maritime and Colonial Review, all papers devoted to insurance companies which threatened to raise their rates of premium, were unanimous on this point.
Ten (10%) percent of the total of items in Article 26.2.1 and 26.2.5 (i.e., the seven (7) direct cost categories, excluding all insurances required by Schedule A) as compensation for overhead except that no percentage for overhead will be allowed on payroll taxes or on the premium portion of overtime pay or on sales and personal property taxes.
in Kenilworth, New Jersey, used to think life insurance was simply a means to cover burial expenses.