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Insurance
Insurance is 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.
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Insurance > General insurance
Absolute Assignment
Insurance; General insurance
Definition: An absolute assignment is the act of complete transfer of the ownership (all rights, benefits and liabilities) of the policy completely to other party without any ...
Actuarial Science
Insurance; General insurance
Definition: Actuarial Science is a discipline that deals with assessing the risks in insurance and finance field using various mathematical and statistical method. Description: ...
Actuaries
Insurance; General insurance
Definition: A person with expertise in the fields of economics, statistics and mathematics, who helps in risk assessment and estimation of premiums etc for an insurance business, ...
Lapsed Policy
Insurance; General insurance
The policy for which all benefits to the policy holder cease and is terminated due to non payment of premium amount on the due date is called a lapsed policy. Definition: The ...
Limited Payment Whole Life Plan
Insurance; General insurance
Limited payment whole life plan entails that the protection is provided until the death of the insured, however, premiums can be paid up to a certain period. Definition: ...
Combined Ratio
Insurance; General insurance
Definition: The combined ratio is defined as the sum of incurred losses and operating expenses measured as a percentage of earned premium. It is a measure of the profitability of ...
Claim Amount
Insurance; General insurance
Definition: Claim amount can be defined as the sum payable at the maturity of an insurance policy or upon death of the person insured to the beneficiary or the nominee or the ...
Sub-categories
- Car insurance (39)
- Commercial insurance (92)
- General insurance (136)
- Health insurance (5560)
- Home insurance (17)
- Life insurance (3867)
- Medicare & Medicaid (23018)
- Travel insurance (7)