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Assurance

Assurance

Definition

A British term meaning "insurance." Policies and endorsements written in London and Bermuda markets, among other places, may use this terminology.

Related Terms

Assured

A British term meaning "insured."  Policies and endorsements written in London and Bermuda markets, among other places, may use this terminology.

Assurer

A British term meaning an insurer or underwriter, depending on context. Policies and endorsements written in London and Bermuda markets, among other places, may use this terminology.

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." 

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