insurance
DefinitionA promise of compensation for specific potential future losses in exchange for a periodic payment. Insurance is designed to protect the financial well-being of an individual, company or other entity in the case of unexpected loss. Some forms of insurance are required by law, while others are optional. Agreeing to the terms of an insurance policy creates a contract between the insured and the insurer. In exchange for payments from the insured (called premiums), the insurer agrees to pay the policy holder a sum of money upon the occurrence of a specific event. In most cases, the policy holder pays part of the loss (called the deductible), and the insurer pays the rest. Examples include car insurance, health insurance, disability insurance, life insurance, and business insurance.
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insurance is ...
... part of the Insurance subject.
... part of the Insurance subject.
... an essential investing term.
Related Terms
life expectancy, mortality tables, adjustable life insurance, admitted carrier, annuity, bare, blanket bond, casualty insurance, catastrophic coverage, claim and
insurance appears in these other terms
business life insurance, long-term care insurance, permanent life insurance, stock life insurance company, constant proportion portfolio insurance, portfolio insurance, participating insurance, convertible term insurance, level premium insurance, cash value life insurance policy and
insurance appears in the definitions of these other terms on BusinessDictionary.com
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