Web Definition: Insurance
Insurance is the business of providing protection against financial aspects of risk, such as those to property, life, health & legal liability. It is one method of the overall concept known as risk management. In insurance, the insured makes payments called premiums to an insurer & in return is able to claim a payment from the insurer if the insured suffers a defined type of loss. This relationship is usually drawn up in a formal legal contract, also known as a policy. The contract will set out in detail the exact circumstances under which a benefit payment will be made & the amount of the premiums. In one classic example of insurance, a ship-owner insures a ship & receives payment if the ship is damaged or destroyed. This example is one of the earliest uses & developments of concepts like insurance. Interestingly, ships are now more often insured through risk pooling & spreading organizations such as Lloyds of London because the loss of a large ship going down is too great for one insurer to accept.
Read More »Dictionary Entry: 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.
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