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insurance definition by authors

Certain terms are usefully defined at the outset. Cession places part of certain losses on the re-insurer. Learn more. Life insurance definition is - insurance providing for payment of a stipulated sum to a designated beneficiary upon death of the insured. Cession (Insurance) Definition. Commercial property insurance is a form of insurance that protects the property owned by your business – your building, equipment, store fixtures, and more. Property insurance. Meaning, pronunciation, picture, example sentences, grammar, usage notes, synonyms and more. The following are terms you may hear used in connection with your insurance policy. The fire insurance contract is defined as “an agreement, whereby one party in return for a consideration undertakes to indemnify the other party against financial loss which the latter may sustain because of certainly defined subject-matter being damaged or destroyed by fire or other defined perils up to an agreed amount”. Learning Objectives. Definitions of Insurance Terms. Know the basic types of insurance for individuals. Definition of insurance noun in Oxford Advanced Learner's Dictionary. The book begins with basic information on the various types of insurance, including auto, home, life, annuities and long-term care. Name and describe the various kinds of business insurance. 19.1 Definitions and Types of Insurance. Certain terms are usefully defined at the outset. 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). Insurance A contract of reimbursement. insurance definition: 1. an agreement in which you pay a company money and they pay your costs if you have an accident…. is a contract of reimbursement. The Insurance Handbook reflects this diversity of subjects and issues. other life/health insurance concerns. An insurance risk can be transferred to the reinsurer using two … Cession (or to cede) applies to an insurance provider and the insurance company’s insurer (re-insurer). The instrument containing the terms of the contract is known as a policy. Auto Insurance: An auto insurance is a policy purchased by vehicle owners to mitigate costs associated with getting into an auto accident. Name and describe the various kinds of business insurance. Insurance glossary Property insurance definition. An unexpected, unintended event that caused bodily injury or property damage. Accident. Learning Objectives. We use cookies to enhance your experience on our website, including to provide targeted advertising and track usage. is a contract of reimbursement. Definition of Fire in Insurance. Insurance A contract of reimbursement. 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