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- Dictionaryinsurance/ɪnˈʃʊərəns/
noun
- 1. an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium: "many new borrowers take out insurance against unemployment or sickness" Similar
- 2. a thing providing protection against a possible eventuality: "jackets were hung on the back of their chairs, insurance against an encounter with air-conditioning" Similar
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Insurance Definition. Insurance is generally defined as a contract which is also called a policy. An insurance policy is a contract in which an individual or an organization gets financial protection and compensation for any damages by the insurer of the insurance company.
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 policies. Life, health,...
Insurance meaning is a legal contract between two parties – the insurance company (insurer) and the individual (insured), wherein the insurance company promises to compensate for financial losses due to insured contingencies in return for the premiums paid by the insured individual.
Sep 3, 2020 · Insurance is defined as a cooperative device to spread the loss caused by a particular risk over a number of persons who are exposed to it and who agree to ensure themselves against that risk. Table of Contents [Hide] 1 What is Insurance? 2 Insurance Definition. 2.1 General Definition of Insurance. 2.2 Fundamental Definition of Insurance.
Aug 5, 2023 · Insurance means protection against future losses arising from unexpected possible risks. Technically, insurance is a course of action through which an individual manages the potential risk and transfers it efficiently to the structure that is capable of handling it.
INSURANCE definition: 1. an agreement in which you pay a company money and they pay your costs if you have an accident…. Learn more.
Feb 22, 2011 · Learn about insurance providers and insurance types including life, auto, home, health, and more. Browse Investopedia’s expert-written library to learn more. Skip to content
Nov 8, 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.
Nov 8, 2024 · Insurance companies collect premiums and make payouts based on complex formulas. Underwriting, risk pooling, and reinsurance help insurance companies manage costs and risks. State regulators set and monitor standards for premiums, marketing, and insurance companies’ capital requirements.
an agreement in which you pay a company money and they pay your costs if you have an accident, injury, etc.: car / travel insurance. take out insurance I'll need to take out extra car insurance for another driver. The insurance doesn't cover you for (= include) household items.
