Insurance Company Definition Easy
Insurance is a means of protection from financial loss.
Insurance company definition easy. An agreement in which you pay a company money and they pay your costs if you have an accident. Least expensive alternative treatment leat. Insuranceopedia has one of the web s most comprehensive insurance related dictionaries. However there are some times when the company will not have to pay money back such as if the person was not careful.
Likewise in life insurance the company. 15 people found. Definition of insurance 3. Definition of insurance company.
It is a form of risk management primarily used to hedge against the risk of a contingent or uncertain loss. My premium to the insurance company because now all that damage will be repaired and the cost will be covered by the insurance company. In exchange for this if something bad happens to the person or thing that is insured the company that sold the insurance will pay money back. 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 premium. More than just a glossary each term page goes into further detail with insights real world examples and great related resources. A company that sells insurance meaning pronunciation translations and examples. A business that provides coverage in the form of compensation resulting from loss damages injury treatment or hardship in exchange for premium payments.
Insurance refers to a contractual arrangement in which one party i e. Insurance company a company which may be for profit non profit or government owned that sells the promise to pay for certain expenses in exchange for a regular fee called a premium. An entity which provides insurance is known as an insurer insurance company insurance carrier or underwriter a person or entity who buys insurance is known as an insured or as a policyholder. A clause in an insurance policy that indicates that the insurer will only cover the least expensive option for treatment repair or remediation.
Meaning of insurance 2. Insurance is a term in law and economics.
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