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 ?
The fifth insuring agreement in EC 00 10 offers to pay for the costs of hiring an entity to determine the validity and severity of an extortion threat, plus reward money paid to an informant that leads to the arrest and conviction of the extortionist.
In part two of the liability insuring agreement under the BAP, what does the insurer promise to do?
In the liability arena, policies are pay-on-behalf-of, as is evident from the CGL Coverage A insuring agreement's pledge to "pay those sums the insured becomes liable for."
The co-insurance clause is an insurance company's safeguard to make sure the clients are properly insuring the assets to value.
You might also get a stand-alone policy if you prefer working with a company that specializes in insuring items like yours.
This insuring agreement also carries the insurer's promise to defend the insured against any lawsuit seeking damages.
The insuring agreement is the heart of the contract between the insurer and the insured.
Cuomo said that on January 1st, HUD began insuring mortgage loans for single-family homes ran ranging from a limit of $121,296 in communities where housing costs are relatively low, to a limit of $219,849 in areas where housing costs are high.
Despite the allure that insuring earnings may hold for some, it makes little practical sense.
Their missions are to promote home ownership by insuring mortgages extended, respectively, to lower- and moderate-income homebuyers and to veterans.(6) Subsidization by the federal government helps these agencies achieve their goals.(7) The FHA plays a larger role in the mortgage market than the VA.
Insuring unrelated parties on the same terms as related parties illustrates that the captive is a separate and distinct entity apart from its parent.