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Insurance | Definition of Insurance by Merriam-Webster
Legal Definition of insurance. 1 : the action, process, or means of insuring or the state of being insured usually against loss or damage by a contingent event (as death, fire, accident, or sickness) 2 a : the business of insuring persons or property.
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Insurance Definition & Meaning | Dictionary.com
British Dictionary definitions for insurance the act, system, or business of providing financial protection for property, life, health, etc, against specified... the state of having such protection Also called: insurance policy the policy providing such protection the pecuniary amount of such ...
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Insurance - definition of insurance by The Free Dictionary
insurance. ( ɪnˈʃʊərəns; -ˈʃɔː-) n. 1. (Insurance) a. 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.
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Glossary of Insurance Terms - National Association of …
Insurance - an economic device transferring risk from an individual to a company and reducing the uncertainty of risk via pooling. Insurance Holding Company System - consists of two or more affiliated persons, one or more of which is an insurer.
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Insurance | Insurance Glossary Definition | IRMI.com
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).
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Insurance legal definition of insurance - Legal Dictionary
Insurance. A contract whereby, for specified consideration, one party undertakes to compensate the other for a loss relating to a particular subject as a result of the occurrence of designated hazards. The normal activities of daily life carry the risk of enormous financial loss.
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Insurance Definition - investopedia.com
Mar 30, 2021 · Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company.
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What is the definition of terms of insurance?
Definition of term insurance : insurance for a specified period that provides for no payment to the insured except on losses during the period and that becomes void upon its expiration : a type of insurance that is provided for a specified period of time : insurance in effect for a set term specifically : term life insurance at life insurance
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What is insurance for?
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.
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What is included in property and casualty insurance?
Property and casualty insurance is the large umbrella that covers many forms of insurance. Property insurance includes coverages such as car, homeowners, renters, flood, and aviation insurance.
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