A contract whereby the insurer or insured, for a consideration (the premium) agrees to indemnify or bring back to whole the insured for loss from specified perils and under certain conditions.
A contract whereby the insurer, for a consideration (the premium) agrees to indemnify the insured for loss from specified perils and under certain conditions. http://www.duramerica.com
The act of insuring, or assuring, against loss or damage by a contingent event; a contract whereby, for a stipulated consideration, called premium, one party undertakes to indemnify or guarantee another against loss by certain specified risks. Cf. Assurance, n., 6.
The premium paid for insuring property or life.
A guaranty, security, or pledge; assurance.
Any means of assuring against loss; a precaution; as, we always use our seat belts as insurance against injury.
In return for agreed payments, the recipient agrees to recompense the payer in the event of certain events e.g. loss, damage, injury, death. Encapsulated in the phrase ‘You pay the small cheques, we pay the big ones'.
A mechanism whereby risk of financial loss is transferred from an individual, company, organization, or other entity to an insurance company.
Insurance is necessary in order to drive your vehicle. Insurance protects you and other drivers from financial loss in case of an accident.
Financial protection against loss, secured by the ... more
A promise of compensation for specific potential future losses in exchange for a periodic payment. see also life insurance, health insurance, homeowner's insurance, accidental death benefit, actuary, life expectancy, mortality tables, adjustable life insurance, admitted carrier, annuity, bare, blanket bond, casualty insurance, catastrophic coverage, claim, comprehensive insurance, Federal Insurance Contributions Act, guaranteed insurability, credit life insurance, deductible, Federal Deposit Insurance Corporation, eligibility requirements, endowment insurance, excess insurance, executive indemnity insurance, fixed cost, group insurance, guaranteed investment contract, key person insurance, level premium insurance, liability insurance, umbrella liability insurance, loading, Major Medical Insurance, mortgage insurance, mortgage life insurance, municipal bond insurance, Municipal Bond Insurance Association, no-fault, performance bond, portfolio insurance, private mortgage insurance, reduced paid-up insurance, replacement cost insurance, risk transfer, Savings Association Insurance Fund, second-to-die insurance, self insurance, term insurance, title insurance, underinsured.
Contractual means of shifting the burden of pure risks through pooling to minimize financial loss. Individuals and businesses therefor pay premiums to insurance companies in exchange for the reimbursement in the event of loss.
the provision of financial protection for property, life, health, etc. against specified risks (accident, fire, theft, loss, damage, death, etc.)
A contractual arrangement under which one party (the insurer) agrees to pay an amount of money to another (the policy holder) on the occurrence of a defined event, in return for payment of a premium (eg. life, disability, professional indemnity).
Insurance is a policy that you buy in order to make sure that you are compensated in the event of loss.
A contract whereby the insurer undertakes to reimburse the policyholder in the event of a specified contingency or peril, against the payment of a premium. See also export credit insurance and Export Credit Agency. Français: Assurance Español: Seguro
USA Swimming offers "accident insurance coverage" which is automatic when swimmer, coach, official, pays their USA-S membership fee.
The amount your business pays for premiums and deductibles to an insurance company like rental, vehicle or malpractice insurance.
Cover against an event that isn't inevitable e.g. your car being stolen.
A mechanism for transferring the risk of financial loss from events such as fire, accident, illness, or death from an individual or entity to an insurance company. TO TOP
A process whereby someone with a risk of something happening to their financial detriment (the assured) pays someone else (an underwriter) a fee (premium) to bear that risk on their behalf.
The transfer of risk, by the means of a contract, from one person, business, organization or entity to another.
See Coverage for loss or damage. (couverture pour perte ou dommages)
a method of handling pure risk by spreading it over a large number of similar exposure units to predict individual losses with some accuracy.
or insurance contract. A contract where, for the payment of a certain amount of money (" premium"), one party agrees to compensate another for a loss or injury arising from n specified unknown future event.
Insurance is purchased by the consumer to reimburse them in the event that there is a loss.
A contract by which someone guarantees for a fee to pay someone else for the value of property if it is lost or damaged (as through theft or fire); the amount for which something is insured.
a financial product that insures against risk. Insurance is available for many risks including death, disability, fire, health care, and theft. Insurance costs a certain amount each month or year. It is always important to find out the coverage and limitations of any insurance plan.
A device for transferring risk of loss from individuals to an insurer. The insurer agrees for a valuable consideration (premium) to indemnify or pay a certain amount for losses incurred by the insured.
O2 (UK) Limited offers two Insurance packages for your phones: O2 Insure Gold - available for Pay Monthly and Pay as you Go customer (This is a PDF) O2 Insure Pay as you Go - available to Pay as you Go customers (This is a PDF)
The coverage applying to Intra-US and international shipments written by The Insurance Company of North America. The policy insures all risks of physical loss or damage from any external cause. Sometimes referred to as shipper's interest insurance.
(Assurance) Is the undertaking usually by a company specializing in such undertakings to indemnify another person against loss or liability arising out of certain perils. It is the sharing of the losses of a few people among the many who pay premiums.
A contract in which an individual or organization regularly pays fees to an insurance company to compensate them in case of any future loss suffered by illness, accident or death.
In its simplest form, a contract between two parties under which one party (the "insured") pays a sum of money to the other party (the "insurer") who agrees to compensate the insured party if certain specified events occur. Typically, the events specified in the contract are those that result in injury to the insured person or destruction of that person's property.
Contractual relationship which exists when one party, for a consideration, agrees to reimburse another for loss caused by designated contingencies. The first party is called the insurer or underwriter; the second, the insured or policyholder; the contract is the insurance policy; the legal consideration is the premium; the loss of the life or property in question is the exposure; and the contingency is the happening of the insured/event.
A legal contract between you and the insurer that transfers a specified covered risk to the insurer in exchange for a premium (also known as consideration). The details of coverage are specified within the policy itself.
Accident insurance is mandatory for every 4-H member and volunteer. This insurance covers members and volunteers on the way to and from, or at, any planned 4-H work. In addition to this policy, the University of California provides liability insurance coverage for all 4-H volunteers when officially engaged in 4-H work. This liability insurance is provided at no cost to the volunteer.
A system of financial protection against loss or damage under which parties agree to pay agreed upon sums (premiums) periodically for the guarantee that an agreed upon compensation will be paid under certain conditions for losses or damages specified.
Protection by written contract against the financial hazards (in whole or in part) of the happenings of specified unexpected events.
When policyholders pay premiums to buy insurance cover, the company receiving the premium agrees to pay for the policyholder's loss if a certain event happens.
A mechanism that allows people to reduce financial risk by sharing in the losses associated with the occurrence of uncertain events.
The undertaking to indemnify another person against loss or liability for loss in respect of specified perils or upon the happening of a specified event.
A policy that provides financial coverage to payoff the balance of a loan in the event of unforeseen circumstances.
providing financial protection in the event of loss
( more) - The act, system, or business of providing financial protection against specified contingencies, such as death, loss or damage.
An arrangement in which an insured passes risk and obligations to an insurer for the payment of a premium.
A contract under which, for a consideration, one party (the insurer) agrees to indemnify another (the insured) for a possible loss under specific conditions. These conditions may be loss of life, health, property, property rights, etc.
Sharing the costs of the risk of incurring losses, whether for health expenses or property and casualty losses, across a base large enough to protect any one entity against the actual costs of an incurred loss. The costs of spreading the risk are assumed to be less than the costs of an actual loss. The insured group or insurance company is at financial risk for assuming the guarantee against loss for the specific instance.
The transfer of risk or loss from one party (the insured) to another party ( the insurer) in which the insurer promises (unusually specified in a written contract) to pay the insured (or others on the insured's behalf) an amount of money (or services, or both) for economic losses sustained from an unexpected (accidental) event during a period of time for which the insured makes a premium payment to the insurer.
Protection through specified money compensation or reimbursement for loss, provided by written contract against the happening of specified chance or unexpected events.
A social device for reducing economic risk whereby many members of a group collect funds to pay the losses of a few of the members of the group.
Mortgage lenders require hazard insurance on a property used as collateral for the loan. Insurance cost varies from region to region and by the magnitude of coverage. The Home Purchase Power Calculator estimates the insurance cost, but you can input a different amount based on you your insurance coverage preference or from your current Home Owners Policy. Make sure you divide the annual premium by 12 for the monthly amount.
A form of insurance in which the insurance company protects the insured property against specified losses, such as fire, windstorm and the like.
A plan of risk management that, for a price, offers the insured an opportunity to share the costs of possible economic loss through an entity called an insurer.
The cost of a wrecked car, stolen possessions, or medical treatment is often too much for anyone to bear alone. When you buy insurance, you agree to pay a company a small amount each year, called a premium, in return for coverage of the costs of certain future calamities, or "perils." Insurance comes in different varieties, depending on the type of peril it covers. Everyone should have health insurance, which covers most types of medical treatment and care. Car owners need auto insurance, homeowners need home insurance, and anyone with children should have life insurance and disability insurance. (see also term life insurance)
Social device for minimizing risk of uncertainty regarding loss by spreading the risk over a large enough number of similar exposures to predict the individual chance of loss.
The annual homeowners insurance premium is estimated at .35% of the value (usually the selling price) of the property. Fire and earthquake insurance are usually extra.
A contract under which someone pays money to a company that promises to provide certain protection or reimburse him if he suffers a loss for a particular thing or on a particular item.
The management of risks that have financial consequences. A promise of compensation for specific potential future losses in exchange for a periodic payment. Insurance is designed to protect the financial well being of an individual, company or other entity in the case of unexpected loss.
Context is: trade term. An agreement or contract (commonly called a policy) between the insured, who pays a premium, and the insurer, who in return promises to compensate the insured if he suffers specified losses, as through fire, theft, or automobile accident. The premiums are so calculated that the total amount paid by all insured parties will enable the insurer to pay claims of policy holders and administrative costs. In effect, insurance spreads risk so that an individual who suffers loss is compensated at the expense of all those who insure against it. See also Capital Market; Export Credit Insurance; Premium; Reinsurance; Risk; Services; Underwriter.
Transferring the risks of individuals to an insurer, whereby the insurer agrees, for a consideration (premium), to assume the losses suffered by the insured to a specified extent.
A contract where one party agrees to indemnify or guarantee another party against loss by a specified future contingency or peril in return for the present payment of premium.
Pooling of fortuitous losses by transfer of risks to insurers who agree to indemnify insureds for such losses, to provide other pecuniary benefits on their occurrence, or to render services connected with the risk.
Risk management plan that, for a price, offers the insured an opportunity to mitigate possible financial loss through an insurer.
A contractual arrangement under which a premium is paid by a policy holder, in return for which the insurer covers policy holder against stipulated risks.
Risk management plan that, for a price, assumes some or all of the insured's risk of serious financial loss if a covered event occurs.
a contractual relationship that exists when an insurer agrees to reimburse the insured for any loss caused by specified event.
Compensation provided by the insurer to the insured for specified events. Comprehensive, collision and liability insurance are generally required while leasing to cover financial loss in the event of an accident.
Contract between two parties. The insurer agrees to reimburse the insured (person who buys the contract) on the occurrence of a specified event. Examples may be fire or flood insurance.
A contract in which the recipient of agreed payments agrees to compensate the payer in the event of certain events i.e. loss, damage, injury, death, etc.
Mechanism for contractually shifting burdens of a number of pure risk by pooling them.
Protection against possible financial losses. Individuals contract with insurance companies by paying a fee in order to be reimbursed in the event of a financial loss. See also premium, deductible, and payment.
The contractual transfer of the financial consequences of loss.
life assurance where the amount of cover reduces over time to reflect a decreasing mortgage balance.
Insurance planning can help you be prepared if and when an unfortunate event such as injury, illness, or death occurs. See additional definitions related to insurance.
the Policy Conditions and policy schedule representing the insurance contract with the Company and setting out the scope of the insurance terms, the premium payable, deductible and reimbursement rates.
Insurance is a system in which groups of people who have similar chances of suffering a loss transfer their risk of loss to an insurer who pools the risk of many people together. In exchange for payment of premium, the insurer promises to reimburse the person for their covered losses.
A system whereby individuals and companies that are concerned about potential hazards pay premiums to an insurance company which pays them in the event of a loss. Insurance transfers risk from individuals to a larger group that is better able to pay for losses.
A contract whereby the insurer, for a consideration (the premium) agrees to indemnify the insured for loss from specified perils and under certain conditions.
Most lessors require the Lessee to insure the equipment against casualty loss, all risk and damages, and require that the lessee indemnify the Lessor against any liability incurred from the possession, operation, or usage of the equipment.
A social device where many share the losses of a few by transferring a portion of the loss to the insurance company in exchange for certain costs.
A contract between an insurance company and a person or group which provides for a money payment in case of covered loss, accident or death.
Injury, damage or loss. Against payment of a premium (generally monthly or annually), the insurance company is required to pay a large proportion off the costs arising in the event of injury, damage or loss.
Business contract (known as a policy) by which the insurer promises to pay certain amounts in the event of certain contingencies happening. The cost of this is called the premium.
A contract or "policy" under which a corporation, known as an "insurer," undertakes to indemnify or pay a person, the "insured," for a specified loss in return for the insured's payment of a "premium."
involves the payment of money (a premium) to cover loss or damage to specified items that may occur in certain circumstances.
a method of spreading risk to protect assets and income
A product designed to pay out a lump sum (or income) in the event of an unforeseen event.
A system where the risks of many individuals and businesses are collected and transferred to a company or large group in return for a premium, with monies to be paid out in the event of a loss.
This involves the pooling of funds to spread exposure to risk among a number of persons or a number of different investments. Insurance involves three distinct cash flows: (i) payment by the insured of premiums (or savings in the case of diversification) to an intermediary for coverage in respect of a specified risk; (ii) payment by the intermediary to the insured of proceeds in respect of the occurrence of the specified risk (or the return on an interest in a diversified savings portfolio); and (iii) the fee charged by the intermediary for intermediation services.
The first annual premium, plus 2 months, for fire and extended coverage insurance to cover loss of the property. Usually called Homeowners Insurance. In the event of a condominium property, coverage for personal property (contents) may also be needed.
A system of protection against loss under which a number of parties agree to pay certain sums (premiums) for a guarantee that they will be compensated under certain conditions for specified loss and damage.
Any policy that provides compensation against a specific type of loss.
A contractual relationship which exists when one party, for a consideration, agrees to reimburse another party for a loss caused by certain designated contingencies.
A promise of compensation for specific potential future losses in exchange for a periodic payment. Insurance is designed to protect the financial well-being of an individual, company or other entity in the case of unexpected loss. Some forms of insurance are required by law, while others are optional. Agreeing to the terms of an insurance policy creates a contract between the insured and the insurer. In exchange for payments from the insured (called premiums), the insurer agrees to pay the policy holder a sum of money upon the occurrence of a specific event. In most cases, the policy holder pays part of the loss (called the deductible), and the insurer pays the rest. Examples include car insurance, health insurance, disability insurance, life insurance, and business insurance.
The Ninety Nines are covered under a blanket insurance policy. Before scheduling any event you should always check with International Headquarters on the coverage and restrictions.
Contract or device for transferring the risk of loss from a person, business or organization to an insurance company that agrees, in exchange for a premium, to pay for losses through an accumulation of premiums.
A formal device for reducing the chance of loss by transferring the risks of several individual entities to insurance companies.
A system to protect persons, groups, or businesses against the risks of financial loss by transferring the risks to a large group who agree to share the financial losses in exchange for premium payments.
Coverage by an institution to protect against loss in return for money paid.
A contract binding a company to indemnify an insured party against a specified loss or damage. Motor carriers purchase many types of insurance, including cargo insurance, property damage insurance, public liability insurance, and workmen's compensation insurance.
A mechanism for reducing the risk of many by contractually transferring the risk to an insurer, thereby pooling the risk in return for monetary considerations from the insured.
A service that offers financial compensation for something that may or may not happen. Originally the term assurance was generally used for life insurance, but now the two words are interchangeable.
An insurance policy provides compensation following a loss.
(1) A contract whereby one undertakes to indemnify another or pay a specified amount upon determinable contingencies. (2) A device for the transfer of the risks of individual entities to an insurance company, which agrees, for a consideration, to assume to a specified extent, losses suffered by the insured. (To this definition, the Commission on Terminology adds this comment: "Notice might be taken of such characteristics of insurance as equitable contributions by insured, pooling or risks, and effecting of transfer by contract, but these are not felt to be an important part of the definition, however important they may be for an extended explanation of the business.")
Protects someone from financial damages if they negligently cause injury to another. There are many forms of insurance. Just because someone has insurance does not mean that you are automatically paid for your damages. You must, in most cases (aside from workers compensation- job related injuries) demonstrate that someone's negligence makes them liable for the injuries that you have suffered.
A contract in which one party agrees to pay for another party's financial loss resulting from a specified event (for example, a collision, theft, or storm damage). Lease agreements generally require that you maintain vehicle collision and comprehensive insurance as well as liability insurance for bodily injury and property damage.
A system to make financial loss more affordable by transferring it from individuals to large groups.
n. 1. An insuring or being insured. 2.a. Contract (insurance policy) whereby a person or company guarantees payment for a specified loss by fire, death, etc. 3. The amount for which something is insured. 4. The business of insuring against loss.
A contract with a company that agrees to reimburse you in the case of damage or theft.
An agreement covering home owners for specific losses in exchange for a periodic payment.
Traditional risk-financing tool used to transfer the financial hazard of risk. An insurance policy spells out what is or is not covered caused by all or specific perils (causes of damage or injury). Insurance is also a contract whereby an organization agrees to indemnify another and/or to pay a specified amount for covered losses in exchange for a premium. For many nonprofits, insurance provides the funds to pay for the nonprofit's unexpected losses of people, property and income, while ultimately keeping the organization in operation.
A system for reducing risk by transferring the risks of several individual entities to an insurer. The insurer agrees, for a consideration (premium), to assume the specified losses suffered by the insured.
A type of financial security that individuals can seek from improbable occurrences that can impair him or her from carrying out normal social functions. A premium, or monthly payment, is what insurance costs to an individual.
A system that promises to reimburse individuals for damage or loss, based upon calculated risks and chances of that accident happening.
a device by which a company assumes the risk of potential loss in exchange for a premium paid by an individual or entity.
A contractual arrangement under which one party agrees to indemnify another against loss or damage from an unknown event for a certain sum called a premium.
A formal social device for reducing risk by transferring the risks of several individual entities to an insurer. The insurer agrees, for a consideration, to pay for the loss in the amount specified in the contract.
in simple terms, insurance is a risk transfer mechanism; someone (The policyholder) pays someone else (The Insurer or Underwriter) a sum of money (The premium or consideration) in return for a policy, which will provide a payment if an event (usually something unfortunate and unforeseen) happens to the item, which is the subject of the insurance. Perhaps you worry about your home being broken in to or being damaged in a flood or your car being involved in an accident. What would you do if you were suddenly faced with a large bill to replace or repair your belongings? Insurance can provide you with peace of mind as well as help remain financially secure. The terms Insurance & Assurance are interchangeable.
Protection against loss arising from certain risks such as fire, vandalism, theft, life, liability, credit life, flood, and mineral exploration subsidence (Home Owners Insurance may be required by some lenders).
contract by which a person or company can, upon payment of a premium, be indemnified against loss due to specified risks [D02869] Webster contract which provides that for a stipulated consideration, one part y undertakes to indemnify another against loss, damage, or liability arising from an unknown or contingent event. [D03516] GAT
System of protection against loss in which a number of individuals agree to pay certain sums of money, called premiums, to create a pool of money which will guarantee that the individuals will be compensated for losses cause by events such as fire, accident, illness or death.
Essential cover for public displays. Without this you would be in serious trouble in the event of an accident or injury.
A system of protection against loss under which a party agrees to pay a certain sum (premiums) for a guarantee that they will be compensated under certain conditions for loss or damage.
A system whereby individuals and companies who are concerned about the potential for loss pay premiums to an insurance company which, in turn, will reimburse those individuals and companies in the event the loss occurs.
A contract in which one party agrees to compensate another party for any losses or damages caused by risks identified in the contract in exchange for the payment of a lump sum or periodic amounts of money to the first party.
A type of legal relationship whereby individuals, companies and other entities concerned about the risk of losses pay premiums to an insurance company for protection against potential losses. Specific types of insurance relevant to vehicles include collision, comprehensive, uninsured motorist, underinsured motorist, rental reimbursement, and vehicle-related accident insurance.
A contractual agreement that transfers the risk of loss to an insurance company in return for premiums paid.
By law you have to have insurance if you drive a car on public roads. The basic insurance everyone must have is 'third party' - this means that the insurer will pay out if you damage someone's property (e.g. their car) or cause them an injury in an accident. You can pay additional premiums and have 'third party, fire and theft' - this means you are covered by the insurance if you damage someone else's property or cause an injury and also you will get a payout if your car is stolen or damaged by fire. Some people choose to pay extra and have 'fully comprehensive'. This means they are covered for any loss or damage to their own car as well as for damage to other people's property or injury to other people.
The undertaking of one person or company to indemnify another in the event that a peril covered by the insurance agreement occurs.
A contractual relationship which exists when one party (the insurer), for a fee (the premium), agrees to reimburse another party (the insured) for loss to a specified subject (the risk) caused by designated contingencies (perils or hazards). Claims made: A type of insurance that will only cover claims reported or filed during the year the policy is in force for any events which occurred that year or any previous period covered by the contract. Occurrence made: A form of insurance which covers events occurring within the contract period regardless of when a claim is filed.
A method of transferring the risk of potential loss in exchange for a premium payment.
Because leased equipment is technically owned by the lessor until the satisfactory conclusion of the lease term, (proof of) all risk/casualty insurance will be required showing the lessor as a "named insured."
A contract whereby one undertakes to indemnify another, pay or allow a specified amount or a determinable benefit upon determinable contingencies.
A way of responding to the risk of an adverse event, such as having to pay large health care expenses, by spreading those risks among many people. Insurance provides a way to substitute a small, predictable payment (a premium) for the risk of having to make a large payment in the event of an uninsured accident or illness.
A contract whereby, for a stipulated consideration, one party undertakes to compensate the other for loss on a specified subject by specified perils.
agreement by contract to pay money to someone if something esp. a misfortune such as illness, death, or an accident happens to them
In auto terms, a contract in which one party agrees to pay for another party's financial loss resulting from a collision, theft or other damage. Leases and loans generally require consumers to maintain a certain level of insurance.
A social device (legal contract or policy) for the transfer of risk through the accumulation of funds. Through insurance individuals with similar risks contribute to a fund out of which their losses can be paid, distributing risks and losses to a large group of people. When a large group of people contributes money to a fund out of which their losses can be paid, it is called “pooling of risks.” The larger the group, the better it works financially.
A legal agreement with an insurance company that provides for reimbursement in the case of damage or theft to collateral. WFS requires you to maintain insurance on the vehicle you purchase.
Purchasing insurance involves paying a premium for protection against unfavorable events.
A system of protection against loss, in which a number of individuals agree to transfer risk by paying certain sums of money, called premiums. These premiums create a pool of money which guarantees that the individuals will be compensated for losses caused by events such as fire, accident, illness, or death.
Homeowner's insurance covers the owner of a property against loss due to fire and a number of other threats. The lender will require such a policy.
the pooling of money to protect against loss of income or property. Types of insurance that can be purchased include life, auto, disability, health, property, and liability. Government insurance programs include Social Security and Workers Compensation.
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).
Offers the shipper coverage available, covering against losses that may occur in transit.
A method by which one can reduce, minimize, share, or transfer risk to another party like an Insurance Company for a premium. Life insurance is an example of transferring the risk associated with loss of income in the event the breadwinner of the family dies.
A contract providing for financial protection against a loss. For example, a homeowner’s insurance policy provides for reimbursement if the owner suffers a loss due to fire or a number of other causes.
A contract whereby for a fee(premium) one party agrees to pay a sum to another party in the even that the latter suffers a particular loss. The person or firm that undertakes the risk is the insurer. The party who wishes to be protected from loss is the insured party.
A contractor should have the following types of insurance to protect you if an accident occurs during your project: Workman's Compensation Insurance protects you if a worker gets hurt while working on your project. General Liability Insurance protects you in case a contractor or worker damages your property. Automobile Insurance protects you if a contractor's vehicle damages another vehicle while working on your project.
Owners and buyers can purchase various types of insurance: hazard, private mortgage and earthquake. The policies guarantee compensation for specific losses.
The assumption of risk of another party's financial loss.
Type of guarantee in which any agency pledges the use of accumulated insurance premiums to offset the cost of default on the part of borrowers. "Loan insurance" is considered the equivalent of a "loan guarantee."
Insurance must be provided prior to payment to the vendor and must be maintained during the entire lease term. The lessor is primarily listed as the loss payee and additional insured. Insurance is the sole responsibility of the lessee. However, MAC Financial offers all risk/liability and casualty for certain equipment.
The contractual relationship which exists when one party, in consideration of the payment of a premium, agrees to assume the risk of loss of the other party for loss caused by designated contingencies.
A financial strategy where you, the insured, pay a fee called a premium in return for financial protection against a future possible event.
A contract to pay a premium in return for which the insurer will pay compensation in the event of certain eventualities.
a legal agreement for which the insurer (company that provides the insurance) pays a person money to cover cost incurred in an event of some type of loss; the person must pay for the insurance on a regularly scheduled timed.
Insurance is a contract whereby one party, called the insurer, in return for a consideration, called the premium, undertakes to pay to the other party, called the insured, a sum of money or its equivalent in kind upon the happening of a specified event that is contrary to the interest of the insured.
A homeowner's insurance policy must be procured by the purchaser in an amount equal to the loan amount (or as required by state law) and brought to the closing. The premium must be paid and a receipt produced at closing or the amount of the premium must appear on the closing statement for payment at the time of closing. Also referred to as hazard insurance.
A system of exchange under contract where payments over a period of time (premiums) entitle individuals compensation by an organization (insurance company) in the event of loss due to pre-specified conditions.
A contract taken out between you and an insurance company, that will make a payment to you in the event of a claim. To be entitled to claim you must have kept your payments up to date and adhered to any requirements made of you in your contract. Types of insurance range from car, home and property to medical, holiday and specialist.
A product by which a policyholder pays a company a sum, and the company promises to pay compensation if a specified undesired event occurs.
A formal social device for reducing risk by transferring the risks to several individual entities to an insurer. The insurer agrees, for a consideration, to assume, to a specified extent, the losses suffered by the insured.
A service, generally purchased by a borrower, that will indemnify the lender in case of foreclosure of the loan. Indemnification is generally limited to losses suffered by the lender in the foreclosure process.
A system by which a risk is transferred by a person, business, or organization to an insurance company (insurer), which reimburses the insured for covered losses and provides for sharing the costs of losses among all insureds by the collection of premiums from them.
A policy in which you pay a company premiums to take the risk that they might have to pay you back a lot more for treatments necessary for symptom relief.
Insurance policies guarantee compensation for specific losses and can be purchase in various forms including hazard, private mortgage, and earthquake.
Insurance is protection in case of a personal financial loss. An insurance company (insurer) agrees to pay for damages, costs, etc., according to the terms of the policy purchased, to the purchaser ( Policyowners) or the designated beneficiaries.
A financial service offering financial compensation for something that may or may not happen.
A contractual agreement that calls for one party, in exchange for a consideration, to reimburse anther party for certain specified losses. The insurance contract is call a policy. The consideration is called a premium.
Lenders wonâ€(tm)t let you close the deal on your home purchase if you donâ€(tm)t have home insurance, which covers your home and your personal property against losses from fire, theft, bad weather and other causes.
Coverage by a contract binding a party to indemnify another against specified loss in return for premiums paid. Interest: A charge for a loan, usually a percentage of the amount loaned.
USS offers "accident insurance coverage" which is automatic when swimmer, coach, official, pays their USS membership fee. Many restrictions apply, so check with your club for detailed information.
Protection from certain losses in the future in exchange for periodic payments (see insurance premium ). You can buy insurance that will pay you (or someone you name) specific amounts in case of death, injury, accident, or other damage.
A contract whereby the beneficiary is compensated in case of loss to a security property; included are fire and extended coverage, homeowner's policy, flood insurance and other special coverage.
Insurance protects a company against losses from fire or catastrophe, and also provides benefits for employees who suffer an injury on the job.
An economic device whereby the individual substitutes a small certain cost (the premium) for a large uncertain financial loss (the contingency insured against) which would exist if it were not for the insurance contract: an economic device for reducing and eliminating risk through the process of combining a sufficient number of homogeneous exposures into a group in order to make the losses predictable for the group as a whole.
A contract for indemnification against loss.
Plan in which individuals and organization who are concerned about potential risks will pay premiums to an insurance company, who in return, will reimburse them if there is loss. To generate a profit, the insurer will invest the premiums it receives. Examples of the different types of insurance available are automobile, home, health and worker's compensation. Whereas in most cases the insured is paid for their loss, with life insurance a beneficiary is paid when the insured person passes away. See: Beneficiary
A system in which individuals, businesses, and other organizations in exchange for periodic payments are guaranteed compensation for losses under conditions specified in a contract. An individual contract is known as an insurance policy, and the periodic payment is known as an insurance premium.
A written promise to compensate for any losses incurred.
A contract between a policy holder and an insurance company 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.
protection against a specific loss over a period of time that is secured by the payment of a regularly scheduled premium.
A contract to provide coverage or protection in exchange for a payment or "premium." Examples of insurance protection include liability, property, business interruption, life, disability, etc. The company paying the premiums for the protection will have insurance expense and possibly an asset, Prepaid Insurance (if the premiums are paid in advance). The insurance company would have insurance premium revenues and possibly a liability, Unearned Insurance Premiums (if the premiums were paid in advance). To Top
A system to make large financial losses more affordable by pooling the risks of many individuals and business entities and transferring them to an insurance company or other large group in return for a premium.
An agreement under which one party agrees to compensate another for specified damages. The insurer takes on the risk that it will have to make a large payment in exchange for a series of small payments by the insured. Required in many cases before a lender will offer money for a car or home.
Policies that guarantee compensation for losses from a specific cause. Various forms of insurance cover against fire, flood, earthquake, liability, etc.
An agreement under which individuals, businesses, and other organisations, in exchange for payment of an insurance premium, are guaranteed indemnity for losses resulting from certain events specified within the contract of the policy.
protection by written contract against the financial hazards (in whole or in a part) of specified future events.
The occupancy agreement should require the resident to have fire, theft, and hazard insurance for the property. That said, a seller should always maintain insurance on the property until title is transferred in the public records, just in case the occupant's policy is faulty.
An arrangement under which individuals, businesses, and other organizations or entities, in exchange for payment of a premium, are guaranteed compensation for losses resulting from certain perils under specified conditions.
A contract, referred to as a policy where an insured pays a sum of money referred to as a premium, to an insurer, who in return agrees to pay for loss the insured suffers in defined circumstances Related links: Insurance - General Used Cars
An agreement or contract (commonly called a policy) between the insured, who pays a premium, and the insurer, who in return promises to compensate the insured if he suffers specified losses It is important to have insurance cover against loss or damage which may occur during shipment. The contract with the supplier should clearly state who is responsible for arranging the insurance at all stages from the time the merchandise leaves the supplier's premises until the buyer takes possession of the goods. The stages to be covered include: Transportation of the goods to the docks or the airport Time during which they are stored awaiting shipment or loading Periods whilst on board the ship, aircraft or conveyance Off-loading and storage on arrival in destination. Transportation to the buyer's premises. It is advisable for an importer to buy goods on FCA, FAS or FOB terms in order that he can arrange the insurance in his own country. Insurance, particularly marine insurance, is a complicated subject, and it is advisable to get a professional insurance broker to arrange cover for your shipment.
A contract that provides compensation for specific losses in exchange for a periodic payment. An individual contract is known as an insurance policy, and the periodic payment is known as an insurance premium.
In the broad sense, a sound system of distributing the risks of many by pooling their financial resources into a common fund from which those few who suffer loss may be restored, or indemnified.
Protection against loss. The insured sacrifices a small certain loss (the premium) for protection against a large uncertain loss (e.g. an accident fire or death). The insurance company assumes the risk by employing the law of large numbers and the principle of risk spreading.
A contractual arrangement under which a premium is paid by a policy holder, and in return the insurer pays an amount of money to the policy holder in the occurrence of a stipulated event.
One party agrees to indemnify another party for a named loss in return for periodic premium payments.
A contract in which one party, the insurer, for monetary consideration agrees to reimburse another, the insured, for loss or liability for a loss on a defined subject caused by specified hazards or perils.
A risk management system under which individuals, businesses, and other organizations or entities, in exchange for payment of a sum of money (a premium), offers an opportunity to share the risk of possible financial loss through guaranteed compensation for losses resulting from certain perils under specified conditions.
A risk transfer arrangement whereby the responsibility for meeting losses passes from one party (the insured) to another (the insurer) on payment of a premium.
A form of contract that provides compensation for specific losses in exchange for a periodic payment. An individual contract is known as an insurance policy. The periodic payments are known as insurance premiums.
Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a potential loss, from one entity to another, in exchange for a premium and duty of care. Insurer, in economics, is the company that sells the insurance.