insurance a contract under which one party (the insurer), in consideration of receipt of a premium, undertakes to pay money to another person (the assured) on the happening of a specified event (as, for example, on death or accident or loss or damage to property). The instrument containing the terms of the contract is known as a policy. Contracts of insurance are uberrimae fidei, requiring. A liability insurance policy where coverage applies to claims filed during the policy period no matter when the loss occurred subject to a retroactive inception date. Coinsurance An insurance clause that defines the amount of each loss that the company pays according to the amount of insurance carried, divided by the amount of insurance required.
An insurance risk is a threat or peril that the insurance company has agreed to insure against in the policy wordings. These types of risks or perils have the potential to cause financial loss such as property damage or bodily injury if it were to occur.
Insurance definition pdf. insurance contract. It is intended to provide temporary insurance protection to the consumer pending a formal policy being issued by the insurance company. It should be noted that agents work exclusively for the insurance company. There are two types of agents: 1. Captive Agents: Captive agents represent a single insurance company A legal definition of insurance that appears in many insurance laws is the following: A contract of insurance is that whereby one party, the insurer, Microinsurance: Insurance products that offer coverage to low-income households. A microinsurance plan provides protection to individuals who have little savings and is tailored specifically for.
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… Insurance: in law and economics, 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. 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
insurance – WordReference English dictionary, questions, discussion and forums. All Free. 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. 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.
It is important to understand that the aviation insurance market is a very competitive free market, and the precise details of each war risks insurance policy will vary according to the individual insurer’s view of the market and the risk profile of the particular insured. International Union of Aerospace Insurers December 2012 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. Insurance and insurance policies are actually a form of investment. An investment is defined as an asset or item that is purchased that is expected to be of use in the future. 6.
Definition of insurance contract1 Member State Austria § 1 VersVG: (Versicherungsvertragsgesetz, Insurance contract law act) In the case of indemnity insurance, the insurer is obliged to compensate the policyholder the financial damage suffered. In the case of life assurance and accident Insurance is an agreement where, for a stipulated payment called the premium, one party (the insurer) agrees to pay to the other (the policyholder or his designated beneficiary) a defined amount (the claim payment or benefit) upon the occurrence of a specific loss. This defined claim Definition of insurance: A promise of compensation for specific potential future losses in exchange for a periodic payment. Insurance is designed to…
Auto insurance protects against financial loss in the event of an accident. It is a contract between the policyholder and the insurance company. The policyhold-er agrees to pay the premium and the insurance company agrees to pay losses as defined in the policy. Auto insurance provides property, liability and medical coverage: 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. Cargo insurance has coverage of loss or damage caused by war, civil war, revolution, rebellion, insurrection or civil strife or any hostile act, capture, seizure, arrest, restraint detainment, general average and salvage charges, strikes, riots, etc. Trade coverage covers the insurance needs of the various type of cargoes of general nature.
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. ‘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.’ Insurance is an arrangement by which a company undertakes to compensate a person, property, company, or entity for a specific loss. The company also compensates for illness, damage, or death. We call the party receiving compensation the ‘insured.’ The ‘insurer,’ on the other hand, is the company that provides the compensation or cover.
Insurance Definition Insurance — a contractual relationship that exists when one party (the insurer) for a consideration (the premium) agrees to reimburse another party (the insured) for loss to a specified subject (the risk) caused by designated contingencies (hazards or perils). The term "assurance," commonly used in England, is considered.