Definition Insurance

Definition Insurance

Insurance Learner Driver, Learner Driver or Provisional Insurance, 4.39 MB, 03:12, 3,981, First Car, 2021-05-07T18:28:51.000000Z, 19, , , , , , 0, insurance-learner-driver, KAMPION

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). The term assurance, commonly used in england, is considered. [noun] the business of insuring persons or property. Coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril.

Insurance a contract under which one party (the insurer), in consideration of receipt of a premium, undertakes to pay money to another person (the assured) on the happening of a specified event (as, for example, on death or accident or loss or damage to property). The instrument containing the terms of the contract is known as a policy. Contracts of insurance are uberrimae fidei,. Insurance refers to a contractual arrangement in which one party, i. e. Insurance company or the insurer, agrees to compensate the loss or damage sustained to another party, i. e. The insured, by paying a definite amount, in exchange for an adequate consideration called as premium. It is often represented by an insurance policy. Insurance 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. A financial risk management tool in which the insured transfers a risk of potential financial loss to the insurance company that mitigates it in exchange for monetary compensation known as the premium.

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