Dictionary Meaning and Definition on 'Insurance'
- promise of reimbursement in the case of loss; paid to people or companies so concerned about hazards that they have made prepayments to an insurance company
- written contract or certificate of insurance; "you should have read the small print on your policy" [syn: policy, insurance policy]
- protection against future loss [syn: indemnity]
- Insurance \In*sur"ance\, n. [From Insure.]
- The act of insuring, or assuring, against loss or damage by a contingent event; a contract whereby, for a stipulated consideration, called premium, one party undertakes to indemnify or guarantee another against loss by certain specified risks. Cf. Assurance, n., 6. Note: The person who undertakes to pay in case of loss is termed the insurer; the danger against which he undertakes, the risk; the person protected, the insured; the sum which he pays for the protection, the premium; and the contract itself, when reduced to form, the policy. --Johnson's Cyc.
- The premium paid for insuring property or life.
- The sum for which life or property is insured.
- A guaranty, security, or pledge; assurance. [Obs.] The most acceptable insurance of the divine protection. --Mickle. Accident insurance, insurance against pecuniary loss by reason of accident to the person. Endowment insurance or assurance, a combination of life insurance and investment such that if the person upon whose life a risk is taken dies before a certain specified time the insurance becomes due at once, and if he survives, it becomes due at the time specified. Fire insurance. See under Fire. Insurance broker, a broker or agent who effects insurance. Insurance company, a company or corporation whose business it is to insure against loss, damage, or death. Insurance policy, a certificate of insurance; the document containing the contract made by an insurance company with a person whose property or life is insured. Life insurance. See under Life.
Wikipedia Meaning and Definition on 'Insurance'
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the insurance; an insured, or policyholder, is the person or entity buying the insurance policy. The insurance rate is a factor used to determine the amount to be charged for a certain amount of insurance coverage, called the premium. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.
The transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate (indemnify) the insured in the case of a financial (personal) loss. The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated.[See more about Insurance at Dictionary 3.0 Encyclopedia]
Words and phrases related to 'Insurance'
'Insurance' in famous quotation sentence
* Most of our students are here to get the credentials they believe are central to admission to the Dream. Everyone does the rhetoric bit-Fascist pig this and that-but push them and they ask you to write recommendations for jobs with banks and insurance companies. - John Gargin
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Insurance Sample Sentences in News
- Farmers Insurance and CIM Group Enter Into Sale Leaseback of 10-Acre Wilshire Campus Home Office
Farmers Insurance, the largest insurer based in Los Angeles, and CIM Group today announced that they have entered into a sale and partial lease-back of the 10-acre Wilshire Boulevard campus. Read more on this news related to 'Insurance'
- Insurance Field Guide: When and Why to Buy
NEW YORK ( MainStreet ) — Thanks to the Affordable Care Act, we have all talked about health insurance nearly to death lately. But America's insurance industry is immense and generally confounding. Read more on this news related to 'Insurance'
- What is hazard insurance? And do I need it?
What is hazard insurance? Is it the same as homeowners insurance? Strictly speaking, there is no such thing as hazard insurance. I should say, however, that I have seen the term "hazard insurance" used incorrectly on mortgage loan applications. Read more on this news related to 'Insurance'