insurance
A contractual relationship that exists when one party (the insurer) for a
consideration (the premium) agrees to reimburse another party (the insured)
for loss to a specified subject (the risk) caused by designated contingencies
(hazards or perils). The term "assurance," commonly used in England, is considered
synonymous with "insurance." See also
Casualty insurance; General
liability insurance; Homeowners policy;
Liability insurance;
Personal auto policy;
Personal lines;
Property insurance;
Professional liability;
Workers
compensation and employers liability policy.
Links for IRMI Online Subscribers Only:
PRMI 10.G