life insurance: Insurance cover that serves two major purposes: (1) to substitute for the insured's income if he or she dies, and (2) to qualify the insured for favorable tax treatment. The policy holders buy insurance cover from an insurance company, and pay specific periodic amounts (premiums) for the term (duration or life) of the policy.. Least Expensive Alternative Treatment (LEAT): A clause in an insurance policy that indicates that the insurer will only cover the least expensive option for treatment, repair, or remediation. The.
Life insurance is a contract in which an insurer, in exchange for a premium, guarantees payment to an insured’s beneficiaries when the insured dies.
Insurance definition easy. Define insurance. insurance synonyms, insurance pronunciation, insurance translation, English dictionary definition of insurance. n. 1. a. The act, business, or system of insuring. b. The state of being insured. c. A means of being insured. 2. a. An arrangement or agreement that… Definition of Insurance. Different authors / authorities have defined the term ‘Insurance’ differently. Some of the popular definitions are as follows: Ghosh and Agarwal. Insurance is a co-operative form of distributing a certain risk over a group of persons who are exposed to it. Mowbray and Blan Chard A general insurance company may have the capacity to bear up to $100000 for any property insurance or liability insurance. If a risk is placed for $300000 by the insured then the insurer shall have to reinsure $200000.
Life can be complicated; get the insight you need to make insuring it easy. Explore topics around all types of insurance as well as claims, coverage and more. Risk Financing. Easy-to-use-and-understand reference explaining the various funding options for your organization’s risks. Explains reinsurance, alternative markets, and tax and accounting implications of various risk financing mechanisms. insurance definition: 1. an agreement in which you pay a company money and they pay your costs if you have an accident…. Learn more.
Insurance definition, the act, system, or business of insuring property, life, one's person, etc., against loss or harm arising in specified contingencies, as fire, accident, death, disablement, or the like, in consideration of a payment proportionate to the risk involved. See more. Insurance definition is – coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril. How to use insurance in a sentence. An insurance deductible is the amount of money you will pay an insurance claim before the insurance coverage kicks in and the company starts paying you. Here, you'll learn the basics of insurance deductibles, including what they are, how they work, and how much they cost.
27 people chose this as the best definition of insurance: An insuring or being insu… See the dictionary meaning, pronunciation, and sentence examples. ‘Disability insurance is designed to protect one of your most valuable assets – your ability to earn income.’ ‘A large proportion of the money they borrowed was to cover interest and the cost of loan insurance, which would protect the loan if the couple lost their jobs.’ Insure definition is – to provide or obtain insurance on or for. How to use insure in a sentence. Do you ensure or insure? Synonym Discussion of insure.
health plan sponsored by an association. It also has a precise definition under the Health Insurance Portability and Accountability Act of 1996 that exempts from certain requirements insurers that sell insurance to small employers only through association health plans that meet the definition. Insurance Definition: Insurance refers to a contractual arrangement in which one party, i.e. insurance company or the insurer, agrees to compensate the loss or damage sustained to another party, i.e. the insured, by paying a definite amount, in exchange for an adequate consideration called as premium. Excess Insurance — (1) A policy or bond covering the insured against certain hazards and applying only to loss or damage in excess of a stated amount or specified primary or self-insurance. (2) That portion of the amount insured that exceeds the amount retained by an entity for its own account.
Kids.Net.Au – Dictionary > Definition: insurance . Search the Kids Internet . Dictionary and Thesaurus Definition of Insurance Notice: Trying to get property 'num_rows' of. Search the meaning and definition of over one hundred thousand words! Random Word cheap_shot means Peril definition: In insurance, a peril is a specific cause of bodily injury or property damage. Insurance exists in part to help you recover after being affected by a peril. However, your policy may exclude certain perils, depending on where you live and what kind of insurance you have. Coinsurance Defined & Coinsurance Explained. A majority of property insurance policies contain a coinsurance provision. A coinsurance provision requires the insured to insure the covered property to a specified percentage of it’s full value, typically 80, 90 or 100 percent.
Life insurance definition: Life insurance is a form of insurance in which a person makes regular payments to an… | Meaning, pronunciation, translations and examples Definition of insurance: A promise of compensation for specific potential future losses in exchange for a periodic payment. Insurance is designed to… Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.. An entity which provides insurance is known as an insurer, insurance company, insurance carrier or underwriter.A person or entity who buys insurance is known as an insured or as a policyholder.
Insurance is defined as a form of risk management primary insurance has been defined to be that in which a sum of money as a premium is paid in consideration of the insurance incurring the risk of paying a large sum upon a given contingency.