Ads Top

WHAT IS INSURANCE – DEFINITION OF INSURANCE?



WHAT IS INSURANCE: Generally, insurance is a risk management tool. It overcomes the possibility of financial loss. Moreover, insurance protected from unforeseen losses, which are expected to rise in the near or far future. However. Insurance primarily used to hedge against the risk. Some definitions of Insurance are given below for better understanding the topic:

DEFINITION OF INSURANCE:

According to Investopedia, the definition of insurance is given below
‘Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients' risks to make payments more affordable for the insured’

According to Cambridge Dictionary, what is insurance?
‘An agreement in which you pay company money and they pay your costs if you have an accident, injury, etc’

What is Insurance? Definition of Insurance
What is Insurance? Definition of Insurance


According to Merriam Webster, the definition of insurance is given below
a.         ‘Coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril’
b.         ‘The business of insuring persons or property’
c.         ‘The sum for which something is insured’

According to Dictionary.com, what is insurance?
‘The act, system, or business of insuring property, life, one's person, etc., against loss or harm arising in specified contingencies, as fire, accident, death, disablement, or the like, in consideration of a payment proportionate to the risk involved’

According to Collins, definition of insurance is given below
‘Insurance is an arrangement in which you pay money to a company, and they pay money to you if something unpleasant happens to you, for example if your property is stolen or damaged, or if you get a serious illness’

According to yourdictionary.com, what is insurance?
‘The definition of insurance is protection against something going wrong’

According to Cleartax, definition of insurance is given below
‘Insurance is a legal agreement between two parties i.e. the insurance company (insurer) and the individual (insured). In this, the insurance company promises to make good the losses of the insured on happening of the insured contingency’

According to Lexico, what is insurance?
‘An arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for the payment of a specified premium’

What is Insurance? Definition of Insurance
What is Inurance?


According to Business jargons, the definition of insurance is given below
‘Insurance refers to a contractual arrangement in which one party, i.e. insurance company or the insurer agrees to compensate for 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 a premium’

According to Princeton's WordNet, the definition of insurance is given below
‘Promise of reimbursement in the case of loss; paid to people or companies so concerned about hazards that they have made prepayments to an insurance company’

According to Gecide, what is insurance?
‘Any means of assuring against loss; a precaution; as we always use our seat belts as insurance against injury’

According to Wiktionary, the definition of insurance is given below
‘A means of indemnity against a future occurrence of an uncertain event’

According to Freebase, what is insurance?
‘Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. An insurer, or insurance carrier, is a company selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy. The amount of money to be charged for a certain amount of insurance coverage is called the premium. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice. The transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate the insured in the case of a financial loss. The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated’

According to the U.S. National Library of Medicine, definition of insurance is given below
‘Coverage by contract whereby one part indemnifies or guarantees another against loss by a specified contingency’

According to Mathsisfun, what is insurance?
‘Insurance is where you pay money to a company, and in turn, the company promises to pay you if certain bad things happen. It is a way to protect yourself from losing large amounts of money’

According to Myaccountingcourse, the definition of insurance is given below
‘Insurance is an intangible product provided (sold) by an insurer to compensate the policyholder (the insured) when they experience a loss associated with the insured object (like a home or automobile)’

According to Oxford Learners Dictionary, what is insurance?

‘An arrangement with a company in which you pay them regular amounts of money and they agree to pay the costs, for example, if you die or are ill, or if you lose or damage something’
Compiled Definition of Insurance and What is Insurance


No comments:

Powered by Blogger.