Define Types of Insurance. Types of Insurance synonyms, Types of Insurance pronunciation, Types of Insurance translation, English dictionary definition of Types of Insurance. n. 1. a. The act, business, or system of insuring. b. The state of being insure
Insurance Definition: Insurance refers to a contractual arrangement in which one party, i.e. insurance company or the insurer, agrees to compensate the loss or damage sustained to another party, i.e. the insured, by paying a definite amount, in exchange for an adequate consideration called as ...
The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated. What is Insurance Definition? in·sur·ance noun /inˈSHo͝orəns/insurances, plural A practice or arrangement by which a ...
loans were granted to merchants with the provision that if the shipment was lost at sea theloandid not have to be repaid. The interest on the loan covered the insurancerisk. AncientRoman lawrecognized the bottomry contract in which an article of agreement was drawn up and funds were deposited...
beingsuedfornegligenceorstrictliabilitytorts*,butnotanytortorcrimewithahigherlevelofmensrea.Thisisusuallymandated*eitherbythepolicylanguageitselforcaselaworstatutesinthejurisdictionwheretheinsuredresidesordoesbusiness.一一.三.三InsurablerisksSection一一.四Reinsurance一一.四.二Methodsofreinsuring一一.四.一Definition?
claims service, and so forth. The majority of the world’s insurance businesses are concentrated inEuropeandNorth America. These companies must service a large part of the insurance needs of the rest of the world. The legal and regulatory hurdles that must be overcome in order to do so are...
Define life insurance. life insurance synonyms, life insurance pronunciation, life insurance translation, English dictionary definition of life insurance. n. Insurance that guarantees a specific sum of money to a designated beneficiary upon the death of
By understanding the types of business insurance available, you can make sure your business is properly covered in the event of an accident or disaster. Read more What is Research and Development (R&D)? Definition and Guide How Long Does an ACH Transfer Take? ACH Transfers Explained What is ...
(HMO), the two most common types of managed care plans. The main difference between these two types of plans is that an HMO generally requires patients to use providers and facilities within the carrier's network if they want insurance to cover the costs (except in an emergency), while a...
Many insurance policy types are available, and virtually any individual or business can find an insurance company willing to insure them—for a price. Commonpersonal insurance policy typesare auto, health, homeowners, and life insurance. Most individuals in the United States have at least one of ...