01 n. The act of insuring, or assuring, against loss or damage by a contingent event; a contract whereby, for a stipulated consideration, called …
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1.
The act of insuring, or assuring, against loss or damage by a contingent event; a contract whereby, for a stipulated consideration, called premium, one party undertakes to indemnify or guarantee another against loss by certain specified risks. Cf. Assurance, n., 6. See: Assurance
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2.
The premium paid for insuring property or life.
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3.
The sum for which life or property is insured.
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4.
A guaranty, security, or pledge; assurance.[Obs.]“The most acceptable insurance of the divine protection.” — Mickle.
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5.
Any means of assuring against loss; a precaution; as, we always use our seat belts as insurance against injury.
Phrases & compounds
Accident insurance —
insurance against pecuniary loss by reason of accident to the person.
Endowment insurance —
a combination of life insurance and investment such that if the person upon whose life a risk is taken dies before a certain specified time the insurance becomes due at once, and if he survives, it becomes due at the time specified. Also called whole life insurance.
Fire insurance —
See under Fire.
Insurance broker —
a broker or agent who effects insurance.
Insurance company —
a company or corporation whose business it is to insure against loss, damage, or death.
Insurance policy —
a certificate of insurance; the document containing the contract made by an insurance company with a person whose property or life is insured.
Life insurance —
See under Life.