WebFeb 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...
WebThe meaning of INSURANCE 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.
WebInsurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect against the risk of a contingent or uncertain loss.
WebMar 31, 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.
WebInsurance 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 examples of INSURANCE used in a sentence.
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INSURANCE | definition in the Cambridge English Dictionary
Weban 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 …
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What is Insurance? Definition, How it Works, & Examples | Money
WebMar 31, 2023 · Insurance is an agreement between an individual policy (or a business) and an insurance company. Under this agreement, the policyholder pays premiums to the insurer in exchange for financial compensation in the event of a covered incident.
WebInsurance can be defined broadly as an agreement or contract between an individual or a business and an insurance company. The policyholder pays a premium in exchange for...
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INSURANCE | English meaning - Cambridge Dictionary
WebApr 17, 2024 · Simply put, the definition of insurance is a contract between an individual (known as the “policyholder”) and an insurance company. In this contract, the insurance company, or carrier, agrees to provide the insured individual (or individuals) named on the policy with a certain amount of financial reimbursement after a covered loss.