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Glossary > I > "Insurance" Definition

Insurance

An agreement under which individuals, businesses, and other organisations, in exchange for payment of a sum of money (a premium), are guaranteed indemnity for losses resulting from certain events or conditions specified in a contract (policy).

A contract in which payment of premiums covers the insured against something which may, or may not occur. For example motor insurance covers the insured against accidents which may occur. In the UK insurance is differentiated from assurance (life assurance) which is protection against something which will inevitably occur.

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Insurance \ An agreement under which individuals, businesses, and other organisations, in exchange for payment of a sum of money (a premium), are guaranteed indemnity for losses resulting from certain events or conditions specified in a contract (policy).

A contract in which payment of premiums covers the insured against something which may, or may not occur. For example motor insurance covers the insured against accidents which may occur. In the UK insurance is differentiated from assurance (life assurance) which is protection against something which will inevitably occur.

Insurance / an agreement under which individuals, businesses, and other organisations, in exchange for payment of a sum of money (a premium), are guaranteed indemnity for losses resulting from certain events or conditions specified in a contract (policy).

a contract in which payment of premiums covers the insured against something which may, or may not occur. for example motor insurance covers the insured against accidents which may occur. in the uk insurance is differentiated from assurance (life assurance) which is protection against something which will inevitably occur.