insurance meaning in simple words

Insurance - Simple English Wikipedia, the free encyclopedia


Insurance - Wikipedia, the free encyclopedia
Insurance is a means of protection from financial loss. It is a form of risk management primarily ...... Captive insurance companies may be defined as limited-purpose insurance companies established with the specific objective of financing risks ...

Insurance - Simple English Wikipedia, the free encyclopedia
Insurance is a term in law and economics. It is something people buy to protect themselves from losing money. People who buy insurance pay a "premium" (often paid every month) and promise to be careful (a "duty of care").

Insurance | Definition of Insurance by Merriam-Webster
Simple Definition of insurance. : an agreement in which a person makes regular payments to a company and the company promises to pay money if the person is injured or dies, or to pay money equal to the value of something (such as a house or car) if it is damaged, lost, or stolen.

Insurance dictionary definition | insurance defined - YourDictionary
The definition of insurance is protection against something going wrong. When you pay premiums in exchange for a policy that pays out when you crash your car ...

Insurance | Define Insurance at Dictionary.com
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, ...

Insurance Definition | Investopedia
A contract (policy) in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools ...

What is Insurance? definition and meaning - InvestorWords.com
Definition of insurance: A promise of compensation for specific potential future losses in exchange for a periodic payment. Insurance is designed to...

What is insurance? definition and meaning - BusinessDictionary.com
Definition of insurance: Risk-transfer mechanism that ensures full or partial financial compensation for the loss or damage caused by event(s) beyond the control ...

What is insurance policy? definition and meaning
Definition of insurance policy: Formal contract-document issued by an insurance company to an insured. It (1) puts an indemnity cover into effect, (2) serves as a ...

Insurance Meaning - World Finance
Jul 19, 2016 - Insurance Meaning - Insurance means an arrangement by which a company facilitates its customers by reimbursing their losses during crisis.

Definition of' 'Insurance' - The Economic Times
Definition: 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 ...

Insurance - definition of insurance by The Free Dictionary
a. The act, business, or system of insuring. b. The state of being insured. c. A means of being insured. 2. a. An arrangement or agreement that protects someone ...

Motor insurance | Definition, meaning & more | Collins Dictionary
Motor insurance | insurance for a motor vehicle such as a car, which provides protection against loss in the event of an accident, theft, etc | Definition, ...

insurance - definition of insurance in English from the Oxford dictionary
An arrangement by which a company or the state undertakes to provide a.... Meaning, pronunciation and example sentences, English to English reference ...

General Liability Insurance Definition - Insureon
Don't you hate it when you look up a word in the dictionary, and the definition leaves you more confused than you were before? Sometimes that's the way ...

insurance risk Definition in the Cambridge English Dictionary
insurance risk definition, meaning, what is insurance risk: the possibility of loss, damage, injury, etc. against which insurance is provided: . Learn more.

insurance quote Definition in the Cambridge English Dictionary
insurance quote definition, meaning, what is insurance quote: a statement of the amount of money that an insurance company calculates as the cost of…

Universal Life Insurance Definition & Example | Investing Answers
Universal life insurance is a type of life insurance policy that allows the policyholder to alter the policy in response to life changes, by merging the benefits of term ...

What is auto insurance? | III
Auto insurance protects you against financial loss if you have an accident. It is a ... and the insurance company agrees to pay your losses as defined in your policy.

Insurance Meaning In Simple Words/Principles Of Insurance And Risk ...
Insurance Meaning In Simple Words/Principles Of Insurance And Risk Management# ...

What is Term Insurance - Definition by HDFC Life
Understand what is term insurance and how it works. View complete definition & meaning of term insurance on HDFC Life.

What is the meaning of insurance in simple words - Answers.com
Protection from unexpected ( accidental ) loss of an asset.

insurance services definition | English definition dictionary | Reverso
insurance services definition, meaning, English dictionary, synonym, see also 'insurance',insurance policy',accident insurance',fire insurance', Reverso ...

What is Federal Deposit Insurance Corporation (FDIC)? - Definition ...
The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States (U.S.) federal government that preserves public confidence in ...

What Is Whole Life Insurance Explained - Definition & Benefits
Find out if whole life insurance is right for you - including how it works, rates, pros & cons, and how to choose a good policy.

What is Marine Insurance? - Marine Insight
Jul 21, 2016 - A simple definition of the word insurance would be “Protection against future loss.” Marine insurance is another variant of the general term ...

What is Professional Indemnity Insurance - Definition | CGU Insurance
Liability and indemnity are two types of insurance that protect your business against legal claims. Making sure you have the right cover for liability and indemnity ...

What is Life Insurance? - Life Insurance Basics - Fidelity
Learn how it works and what you need to understand to choose your coverage. A life insurance policy is a contract with an insurance company. In exchange for ...

Affordable Care Act (ACA) definition - HealthInsurance.org
DEFINITION: The Patient Protection and Affordable Care Act (PPACA) – also known ... Key provisions are intended to extend coverage to millions of uninsured ...

What Is Comprehensive Auto Insurance? | Allstate
... all-encompassing. In car insurance terms, the word has a different meaning. ... A Definition of Comprehensive Insurance Coverage. When people hear the ...

prepaid insurance definition | Dictionary | AccountingCoach
A current asset which indicates the cost of the insurance contract (premiums) that have been paid in advance. It represents the amount that has been paid but ...

"Incurred" Defined | IRMI.com
The word "incurred" is used in various contexts in insurance and reinsurance. We all think we know what it means, but do we all agree? Losses are incurred ...

What is Universal Life Insurance? | AccuTerm
By definition, a UL policy is a form of permanent insurance that offers extreme flexibility in premiums. While it's similar to a whole life policy, it's better described ...

Coinsurance Defined - Coinsurance Explained
Co-insurance is the percentage of value that the policyholder is required to insurance If you insure your property for less than that amount your insurance ...

Coverage Terms for Auto Insurance | Erie Insurance
By definition, that request is called a claim. Claims adjuster: A representative of an auto insurance company who investigates and settles claims to ensure that all ...

DEFINITIONS OF HEALTH INSURANCE TERMS
Coinsurance - A form of medical cost sharing in a health insurance plan that requires an insured person to ... association health plans that meet the definition.

What is Insurance Fraud?
Definition. When someone provides false information to an insurance company in order to gain something of value that he or she would not have received if the ...

Claim: What is Claim? Insurance Glossary, Meaning, Definition
What is Claim? Notification to an insurance company that payment of an amount is due under the terms of the policy.

What Is a Health Insurance Premium? - Verywell
A health insurance premium is the payment that is made annually (or monthly) to a health care coverage provider that keeps health coverage fully active.

Click here definition of Accident Insurance , what is Accident Insurance ...
Accident Insurance Insurance coverage against loss by accidental bodily injury. These insurance policies pay out a sum of money when an accident occurs.

Definitions and Types of Insurance - 2012 Book Archive
Know the basic types of insurance for individuals. Name and describe the various kinds of business insurance. Certain terms are usefully defined at the outset.

Health Insurance Glossary - Health Insurance Definitions and Terms
Get definitions for common health insurance expressions and terms for a better ... Eligible Expenses: Expenses defined by the health insurance plan as eligible ...

Insurance Contract Definition - AccountingTools
Definition: An insurance contract is an arrangement in which one party, the insurer, accepts significant insurance risk from another party, the policyholder, ...

What is Burglary Insurance? - Definition from Insuranceopedia
Burglary Insurance Definition - Burglary insurance refers to an insurance policy that covers losses resulting from a burglary. It is worth noting that...

Third Party Liability Insurance Definition | The Classroom | Synonym
Third party liability insurance is a coverage for damages, losses or injuries that may be inflicted upon another party as a result of the actions of the policy holder.

What is term life insurance? - Ultimate Guide to Retirement - CNN Money
The purpose of life insurance is simple: to make sure that your kids - or other people who depend on you for financial support - will be OK if you die prematurely.

What is the definition of property and casualty insurance?
Casualty insurance has a less precise definition and has been used to describe liability insurance. Casualty insurance will pay for the legal costs that result from ...

What is long-term care insurance? | Definition of long ... - AgingCare.com
Nov 24, 2012 - Long-term care insurance is a type of insurance developed specifically to cover the costs of nursing homes, assisted living, home health care ...

What is Subrogation and why is it important? - from AMIS Insurance
Your insurer is “subrogated” to the rights of your policy and can “step in your shoes” to recover any amount paid out on your behalf. This is the definition of ...

Reforming flood insurance – Standard definition of flood RIS
1. Reforming flood insurance – Standard definition of flood. Regulation Impact Statement. Chapter 1 Background. 1.1. There are various possible sources of ...

What Is the Definition of Mortgage Insurance? | Home Guides | SF Gate
Definition. Mortgage insurance protects a lender from homeowners who default ... Homeowners pay mortgage insurance each month, while also paying interest ...

What Is Captive Insurance - Captive.com
A captive insurer is generally defined as an insurance company that is wholly owned and controlled by its insureds; its primary purpose is to insure the risks of its ...

Insurance Term Glossary | Farmers
Clear up the insurance jargon with simple definitions to complex coverage terms, in the Farmers insurance glossary.

Definition of Comprehensive Insurance Coverage - About Money
May 23, 2016 - Comprehensive insurance coverage is one of the main coverages available as part of a car insurance policy, in definition it offers protection ...

Definition of Insurance - Insurance South Africa
The definition of insurance explained - Insurance South Africa.

Insurance Council welcomes Standard Definition of Flood
June 18, 2012. Insurance Council welcomes Standard Definition of Flood. The Insurance Council of Australia today welcomed the enactment of regulations that.

What is the definition of annual premium? | Reference.com
An annual premium is defined as the amount that someone is required to pay each year in order to keep his or her insurance policy active. If the insured person ...

Glossary of Common Insurance Terms - Texas Department of Insurance
Texas Department of Insurance Glossary of Common Insurance Terms. ... to determine whether the insured´s death meets the policy´s definition of accidental.

Professional indemnity insurance explained | Simply Business
Professional indemnity insurance definition. 'What does professional indemnity insurance mean?' we hear you ask. In a nutshell, professional indemnity ...

Excess Liability Insurance Law & Legal Definition
Excess liability insurance provides an additional coverage beyond that of an underlying policy, including general liability, employer's liability, and hired and ...

Social Insurance Programs: Definition, Types & Examples - Video ...
Social insurance programs constitute the largest expenditure in the federal budget. In this lesson, you'll learn about social insurance, and we'll also take a look ...

risk - Definition from the INSURANCE topic - BUSINESS
risk in the INSURANCE topic by ldoceonline. What you need to know about INSURANCE: words, phrases and expressions - BUSINESS.

National Association of Insurance Commissioners (NAIC) Glossary of ...
Some words and/or phrases may be defined differently by other entities, or used in a ... Accident Only - an insurance contract that provides coverage, singly or in ...

Definition and Characteristics of Insurance
Definition and Characteristics of Insurance. BUS 200. Introduction to Risk Management and Insurance. Jin Park. Definition of Insurance. A social device in which ...

Professional indemnity insurance explained – a simple guide to PI ...
Professional indemnity insurance explained – a simple guide to PI insurance. Professional indemnity ... What does 'claims made' mean? A 'claims made' policy ...

Glossary of Insurance Terms - A.M. Best
A.M. Best's Glossary of Insurance Terms with detailed descriptions of terms. ... Quick assets are defined as the sum of cash, unaffiliated short-term investments, ...

Definition of insurance contract
Definition of insurance contract. 1. Member State. Austria. § 1 VersVG: (Versicherungsvertragsgesetz, Insurance contract law act). In the case of indemnity ...

Waiver of Subrogation: What Does It Mean To You? -Hirschler Fleischer
Jun 27, 2013 - In the insurance context, subrogation is defined as “... [t]he principle under which an insurer that has paid a loss under an insurance policy is ...

Definition of "Medically Necessary" - Medicare.com
Learn the definition of "medically necessary" and find out how it affects your Medicare coverage for health-care services and equipment.

Supplemental Life Insurance Defined | Enlighten Me
Supplemental Life Insurance is also referred to as additional insurance. It is a type of insurance that is purchased on top of a basic life insurance polic.

household insurance: accidental damage
Apr 15, 2016 - Some policies define what they mean by "accidental damage". Typically, the definition says that for damage to be considered accidental, it must ...

Glossary of Insurance Terms - Crissie Insurance Group
The usual dictionary definition of this word is at odds with its meaning in insurance. Most dictionaries describe "benefit" as profit, advantage, or privilege.

Fully-Insured vs. Self-Insured (Self-Funded) Health Plans - Zane Benefits
Feb 4, 2016 - A look at the definitions, and differences, of a fully-insured health plan ... used as the foundation of a "pure" defined contribution health plan.

Property Insurance - Small Business Encyclopedia - Entrepreneur
Definition: Insurance that protects the physical property and equipment of a business against loss from theft, fire or other perils; all-risk coverage covers against ...

Term Life Insurance Definition| Protective Life
Term Life Insurance Definition: Understanding How a Temporary Policy Works. Term life insurance is often referred to as a temporary policy or a policy that you ...

Coinsurance - HealthCare.gov Glossary | HealthCare.gov
Learn about coninsurance by reviewing the definition in the HealthCare.gov ... Let's say your health insurance plan's allowed amount for an office visit is $100 ...

Facultative vs. Treaty Reinsurance - MyNewMarkets.com Articles ...
Jul 16, 2008 - Facultative Reinsurance: Can be defined and easily recalled using the term “facilitative.” Facultative insurance is reinsurance for a single risk or ...

Insurance Terms and Definitions | Progressive
Our guide to insurance terms and definitions will help you understand what you're buying when you shop for insurance.

'Cadillac' Insurance Plans Explained : NPR
Mar 19, 2009 - Sometimes referred to as a "Cadillac" or "gold-plated" insurance plan, a high-cost policy is usually defined by the total cost of premiums, rather ...

Car Insurance Subrogation Defined | Esurance
When your car insurance company pays for an accident that wasn't your fault, subrogation helps to recoup expenses from the at-fault driver's insurer.

15. definitions - General Insurance Code of Practice 2014
Instalment Policy means a Retail Insurance policy for which the premium is payable by seven or more instalments in a year, as defined in the Insurance ...

What is a Surety Bond? | JW Surety Bonds
Surety bond definition: a legally binding contract that ensures obligations will be met ... Surety bonds are an insurance policy for the party requiring the bonds, ...

Flood Insurance: Flood - "The Legal Definition" - FloodSmart Insurance
What is a Flood? OK at first this may seem like one of those “Duh?” questions, however the National Flood Insurance Program has established a legal definition ...

Policy Void definition | Insurance Center - Answer Financial
Jun 24, 2011 - A policy or other contract that has no legal validity is described as void. When an insurance company voids a life insurance policy, it is usually ...

What is Total & Permanent Disablement or TPD? - Suncorp Insurance
Total and Permanent Disability insurance (TPD) provides a lump sum if you suffer an ... What is the difference between an 'own' or 'any' occupation definition?

Section 9A.1 – What is Commercial Insurance? | Community Health ...
A. “Commercial” health insurance (also called “private” health insurance) is any .... “Indemnity” or “fee-for-service” insurance: covers a defined set of services or ...

Understanding Your Risk | Flood Maps | Flood Insurance | FloodSmart
Aug 25, 2016 - Flood insurance for flood risks on flood maps for flooding in floodplain areas and special flood hazard areas.

insurance noun - Definition, pictures, pronunciation and usage notes ...
Definition of insurancenoun in Oxford Advanced Learner's Dictionary. Meaning, pronunciation, picture, example sentences, grammar, usage notes, synonyms ...

Glossary - Lloyd's - The world's specialist insurance market. Also ...
Glossary of insurance related terms used by Lloyd's and market participants. ... They do not override or qualify any definition that appears in any Lloyd's byelaw ...

How Am I Covered? The Use and Misuse of Additional Insured Status ...
The Additional Insured endorsement merely adds their interest to the Named Insured(s) policy by amending the “Who Is Insureddefinition in the policy.

Co-insurance Overview | HowStuffWorks
With coinsurance, you and the insurance company share the costs of treatment. © Photographer: ... Of course, it is not as straightforward as this simple definition.

Moral Hazard Definition from Financial Times Lexicon
Definition of moral hazard. In insurance, the chance that the insured will be more careless and take greater risks because he or she is protected, thus increasing ...

Car Insurance - What Is An Excess? | InfoChoice.com.au
An excess is a contribution you are required to pay towards a claim you make on your car insurance policy. An insurer may have many types of excesses that ...

Insurance Retention Definition - Budgeting Money
An insurance retention is the amount of loss that you agree to retain after a covered loss. Insurance retention requirements are intended to encourage you to ...

Notes on Insurance: Meaning, Need and Functions
After reading this article you will learn about:- 1. Meaning of Insurance 2. Definition of Insurance 3. Nature 4. Basic Types 5. Need 6. Characteristics 7. Working 8.

prescription drug plan (PDP) definition - medicareresources.org
DEFINITION: A prescription drug plan (PDP) is one option for individuals who want to enroll in the Medicare Part D prescription drug coverage, which subsidizes ...

What is universal coverage? - World Health Organization
Universal health coverage ensures that everyone can get the health services they need while also ... This definition of UHC embodies three related objectives:.

"wet" marine insurance defined.
304.5-080 Inland marine and transportation, "wet" marine insurance defined. (1) "Marine and ... (a) Insurance against any kinds of loss or damage to: 1. Vessels ...

What is D&O Insurance? A guide to D&O
D&O Insurance explained - an introduction. One of the most discussed and least understood insurance products is Directors & Officers Liability (D&O) insurance.

Difference between Coinsurance, Deductible, Out-Of-Pocket Limit ...
Health Insurance as any other type of insurance has its own terminology without ... and may not include deductible depending on insurers' definition of the term.