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- DictionaryIn·sur·ance/inˈSHo͝orəns/
noun
- 1. a practice or arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium: "many new borrowers take out insurance against unemployment or sickness"
- 2. a thing providing protection against a possible eventuality: "adherence to high personal standards of conduct is excellent insurance against personal problems"
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What is the meaning of insurance?
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What is insurance by contract?
Feb 28, 2024 · Insurance is a contract (policy) in which an insurer indemnifies another against losses from specific contingencies or perils. There are many types of insurance...
- Julia Kagan
- 1 min
1. a. : coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril. b. : the business of insuring persons or property. c. : the sum for which something is insured. 2. : a means of guaranteeing protection or safety. The contract is your insurance against price changes.
Mar 31, 2024 · insurance, a system under which the insurer, for a consideration usually agreed upon in advance, promises to reimburse the insured or to render services to the insured in the event that certain accidental occurrences result in losses during a given period. It thus is a method of coping with risk.
an agreement in which you pay a company money, either in one payment or in regular payments, and they pay your costs, for example, if you lose or damage something, or have an accident, injury, etc.: car / holiday / home / health, etc. insurance. an insurance plan / policy. to buy / sell insurance.
Mar 31, 2023 · Insurance Definition. Insurance is an agreement between an individual policy (or a business) and an insurance company. Under this agreement, the policyholder pays premiums to the insurer in exchange for financial compensation in the event of a covered incident.
noun. the act, system, or business of providing financial protection for property, life, health, etc, against specified contingencies, such as death, loss, or damage, and involving payment of regular premiums in return for a policy guaranteeing such protection. the state of having such protection.
Apr 17, 2024 · Simply put, the definition of insurance is a contract between an individual (known as the “policyholder”) and an insurance company. In this contract, the insurance company, or carrier, agrees to provide the insured individual (or individuals) named on the policy with a certain amount of financial reimbursement after a covered loss.
