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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
Finite Risk Insurance
Insurance; General insurance
Definition: Finite risk insurance is a risk transfer mechanism adopted by an entity wherein the insurer assumes a part of the specified risks related to investment, credit, timing ...
Cede Or Ceding Company
Insurance; General insurance
Definition: Ceding company is an insurance company that transfers the insurance portfolio to a reinsurer. The insurer however is liable to pay the claims in the event of default ...
Insurance Advisor
Insurance; General insurance
Definition: A professional who provides specialized guidance and advice for investment in various insurance schemes is an insurance advisor or insurance consultant. Description: ...
Investment Risk
Insurance; General insurance
Definition: Investment risk can be defined as the probability or likelihood of occurrence of losses relative to the expected return on any particular investment. Description: ...
Fire And Special Perils Policy
Insurance; General insurance
Definition: Fire and special perils policy is an insurance contract that safeguards the insured against unforeseen contingency caused by accidental fire, lightning, ...
Group Policy
Insurance; General insurance
Definition: Group policy provides coverage to a group of people which can be a professional group like employee-employer group or an informal group. Description: Group policy ...
Incurred But Not Reported Reserves
Insurance; General insurance
Definition: The IBNR, which is the abbreviated form of incurred but not reported reserves (IBNR), are the reserves for claims that become due with the occurrence of the events ...
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)