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Insurance
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insurance
insurance The use of contracts to reduce and redistribute risk . In an insurance contract, the insurer accepts a fixed payment, or premium, from the insured, and in return undertakes to make payments if certain events occur. In life insurance the event insured against is the death of the insured,
Publication: A Dictionary of Economics
insurance
insurance A legal contract in which an insurer promises to pay a specified amount to another party, the insured , if a particular event (known as the peril ), happens and the insured suffers a financial loss as a result. The insured's part of the contract is to promise to pay an amount of money,
Publication: A Dictionary of Business
insurance
insurance n. A contract in which one party (the insurer) agrees for payment of a consideration (the premium) to make monetary provision for the other (the insured) upon the occurrence of some event or against some risk. For such contracts to be enforceable, there must be some element of uncertainty
Publication: A Dictionary of Law
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