Definition of insurance: A promise of compensation for specific potential future losses in exchange for a periodic payment. Insurance is designed to… The insurance is not only a protection but is a sort of investment because a certain sum is returnable to the insured at the death or the expiry of a period. Related: Life Insurance Bonus: Definition, Features, Types. General Insurance. General insurance includes Property Insurance, Liability Insurance, and Other Forms of Insurance.
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 in us. Insurance Holding Company System – consists of two or more affiliated persons, one or more of which is an insurer. Insurance Regulatory Information System (IRIS) – a baseline solvency screening system for the National Association of Insurance Commissioners (NAIC) and state insurance regulators established in the mid-1970s. Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder). Depending on the contract, other events such as terminal illness. 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.
Basic personal auto insurance is mandated by most U.S. states, and laws vary. Auto insurance coverages are priced individually (a la carte) to let you customize coverage amounts to suit your exact needs and budget. Policies are generally issued for six-month or one-year timeframes and are renewable. ‘Group health insurance in large companies protects the individual with costly conditions by including him with the less costly.’ ‘Identity theft is becoming so widespread in the UK that many companies now offer insurance to protect against falling victim to this increasingly common type of fraud.’ Excess insurance is insurance coverage that kicks in when a particular loss reaches a certain amount. At that point, insurer will cover losses in excess of that sum up to the policy limit. Therefore, policyholders with a primary insurance policy often purchase excess insurance as an additional layer of protection.
[uncountable, countable] an arrangement with a company in which you pay them regular amounts of money and they agree to pay the costs, for example, if you die or are ill, or if you lose or damage something health/medical insurance; car/travel/unemployment insurance; Private insurance accounts for about 35 per cent of healthcare in the US.; to have/buy insurance Copay plans may make it easier for insurance holders to budget their out-of-pocket costs because it is a fixed amount. Coinsurance usually splits the costs with the policyholder 80/20 percent. insurance meaning: 1. an agreement in which you pay a company money and they pay your costs if you have an accident…. Learn more.
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. Definition and synonyms of insurance from the online English dictionary from Macmillan Education. This is the British English definition of insurance.View American English definition of insurance. Change your default dictionary to American English. View the pronunciation for insurance. insurance carrier pays all covered expenses, often up to a lifetime maximum. (See previous definition.) Medical savings accounts (MSA) – Savings accounts designated for out-of-pocket medical expenses. In an MSA, employers and individuals are allowed to contribute to a
Health insurance covers cost of an insured individual's medical and surgical expenses. Subject to the terms of insurance coverage, either the insured pays costs out-of-pocket and is subsequently reimbursed or the insurance company reimburses costs directly. Definition – What does Crime Insurance mean? Crime insurance is a form of risk management that protects a business from the loss of property, money, or merchandise business-related crimes may cause. Definition of insurance: Risk-transfer mechanism that ensures full or partial financial compensation for the loss or damage caused by event(s) beyond the control of the insured party.. the insurance that we had purchased enabled us to rebuild immediately, as well as provided us with temporary housing assistance. 14 people found this helpful.
Insurance is an arrangement in which you pay money to a company, and they pay you if something unpleasant happens to you, for example, if your property is stolen or damaged, or if you get a serious illness. The house was a total loss and the insurance company promptly paid us the policy limit. 2. In fire insurance, the physical hazards are analyzed according to the type of construction, exposure to other structures that may spread a conflagration, and type of occupancy. Fire insurance is designed to indemnify the insured for loss of, or damage to, buildings and personal property by fire. Private health insurance refers to health insurance plans marketed by the private health insurance industry, as opposed to government-run insurance programs. Private health insurance currently dominates the U.S. health care landscape, covering more than half of the US population.
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.