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 ?
6) In determining whether to insure a particular loan, a PMI company acts as a review underwriter, evaluating both the creditworthiness of the prospective borrower and the adequacy of the collateral offered as security on the loan.
The FHA is limited in the aggregate amount of credit risk it can take by budgetary requirements imposed on its ongoing business, by size limits on the mortgages that it can insure, by its inability to lower insurance premiums without congressional approval, and by a congressionally imposed limit on the aggregate amount of insurance that may be written each year.
Thus, we expect that PMI companies are more likely than government-sponsored institutions (the FHA, the VA, Fannie Mae, and Freddie Mac) to insure borrowers who have higher incomes, who are either white or Asian, and who are purchasing homes in higher-income neighborhoods or in neighborhoods with fewer minority residents.
Some factors, however, suggest that PMI companies may be more likely than Fannie Mae or Freddie Mac to insure a higher proportion of mortgages extended to lower-income borrowers.