Definition of insurance

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Insurance (n.) 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..

Lern More About Insurance

Reinsurance :: Reinsurance (n.) Insurance a second time or again; renewed insurance.
Assurance :: Assurance (n.) Insurance; a contract for the payment of a sum on occasion of a certain event, as loss or death..
Rate :: Rate (n.) The class of a merchant vessel for marine insurance, determined by its relative safety as a risk, as A1, A2, etc..
Reinsurer :: Reinsurer (n.) One who gives reinsurance.
Underwriter :: Underwriter (n.) One who underwrites his name to the conditions of an insurance policy, especially of a marine policy; an insurer..
Insurancer :: Insurancer (n.) One who effects insurance; an insurer; an underwriter.
Law :: Law (n.) Collectively, the whole body of rules relating to one subject, or emanating from one source; -- including usually the writings pertaining to them, and judicial proceedings under them; as, divine law; English law; Roman law; the law of real property; insurance law..
Underwrite :: Underwrite (v. i.) To practice the business of insuring; to take a risk of insurance on a vessel or the like.
Actuary :: Actuary (n.) The computing official of an insurance company; one whose profession it is to calculate for insurance companies the risks and premiums for life, fire, and other insurances..
Reinsure :: Reinsure (v. t.) To insure again after a former insuranse has ceased; to renew insurance on.
Insurance :: Insurance (n.) The premium paid for insuring property or life.
Underwrite :: Underwrite (v. t.) To subscribe one's name to for insurance, especially for marine insurance; to write one's name under, or set one's name to, as a policy of insurance, for the purpose of becoming answerable for loss or damage, on consideration of receiving a certain premium per cent; as, individuals, as well as companies, may underwrite policies of insurance..
Indemnity :: Indemnity (n.) Security; insurance; exemption from loss or damage, past or to come; immunity from penalty, or the punishment of past offenses; amnesty..
Insurance :: Insurance (n.) A guaranty, security, or pledge; assurance..
Lloyd''s :: Lloyd's (n.) A part of the Royal Exchange, in London, appropriated to the use of underwriters and insurance brokers; -- called also Lloyd's Rooms..
Insure :: Insure (v. t.) Specifically, to secure against a loss by a contingent event, on certain stipulated conditions, or at a given rate or premium; to give or to take an insurance on or for; as, a merchant insures his ship or its cargo, or both, against the dangers of the sea; goods and buildings are insured against fire or water; persons are insured against sickness, accident, or death; and sometimes hazardous debts are insured..
Reassurance :: Reassurance (n.) Same as Reinsurance.
Loss :: Loss (v. t.) Destruction or diminution of value, if brought about in a manner provided for in the insurance contract (as destruction by fire or wreck, damage by water or smoke), or the death or injury of an insured person; also, the sum paid or payable therefor; as, the losses of the company this year amount to a million of dollars..
Company :: Company (n.) An association of persons for the purpose of carrying on some enterprise or business; a corporation; a firm; as, the East India Company; an insurance company; a joint-stock company..
Carry :: Carry (v. t.) To bear the charges or burden of holding or having, as stocks, merchandise, etc., from one time to another; as, a merchant is carrying a large stock; a farm carries a mortgage; a broker carries stock for a customer; to carry a life insurance..
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