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Definitions for: Insurance
[n] written contract or certificate of insurance; "you should have read the small print on your policy"
[n] promise of reimbursement in the case of loss; paid to people or companies so concerned about hazards that they have made prepayments to an insurance company
[n] protection against future loss
Webster (1913) Definition: In*sur"ance, n. [From Insure.]
1. The act of insuring, or assuring, against loss or damage
by a contingent event; a contract whereby, for a
stipulated consideration, called premium, one party
undertakes to indemnify or guarantee another against loss
by certain specified risks. Cf. Assurance, n., 6.
Note: The person who undertakes to pay in case of loss is
termed the insurer; the danger against which he
undertakes, the risk; the person protected, the
insured; the sum which he pays for the protection, the
premium; and the contract itself, when reduced to form,
the policy. --Johnson's Cyc.
2. The premium paid for insuring property or life.
3. The sum for which life or property is insured.
4. A guaranty, security, or pledge; assurance. [Obs.]
The most acceptable insurance of the divine
protection. --Mickle.
Accident insurance, insurance against pecuniary loss by
reason of accident to the person.
Endowment insurance or assurance, a combination of life
insurance and investment such that if the person upon
whose life a risk is taken dies before a certain specified
time the insurance becomes due at once, and if he
survives, it becomes due at the time specified.
Fire insurance. See under Fire.
Insurance broker, a broker or agent who effects insurance.
Insurance company, a company or corporation whose business
it is to insure against loss, damage, or death.
Insurance policy, a certificate of insurance; the document
containing the contract made by an insurance company with
a person whose property or life is insured.
Life insurance. See under Life.
Synonyms: coverage, indemnity, insurance policy, policy
See Also: assurance, automobile insurance, car insurance, coinsurance, contract, fire insurance, floater, floating policy, health insurance, life assurance, life insurance, protection, protection, reinsurance, security, self-insurance, shelter
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