in·sur·ance /in-'shu̇r-əns, 'in-ˌshu̇r-/ n
1: the action, process, or means of insuring or the state of being insured usu. against loss or damage by a contingent event (as death, fire, accident, or sickness)
2 a: the business of insuring persons or property
b: coverage by contract whereby for an agreed payment one party agrees to indemnify or guarantee another against loss by a specified contingency or peril
c: the principles and practice of the business of insuring
3: the sum for which something is insured

Merriam-Webster’s Dictionary of Law. . 1996.

I noun agreement to pay, assurance against loss, bond against risk, compensation for injury, compensation for loss, contract against future loss, contract against unknown contingencies, guarantee against loss, indemnification, indemnity against loss, pledge, promise, protection against loss, security against loss, stipulation to compensate for loss, warranty against loss associated concepts: accident insurance, binder, casualty insurance, claim, coinsurance, contract of insurance, contributing insurance, controlled insurance, endowment insurance, excess insurance, fidelity insurance, fire insurance, group insurance, guaranty insurance, health insurance, insurance agent, insurance application, insurance broker, insurance carrier, insured, insurer, liability insurance, life insurance, loss, marine insurance, nonforfeitable insurance, occupational disability insurance, ordinary insurance, paid-up insurance, policy of insurance, premium, property insurance, reinsurance, surety insurance, term insurance, title insurance, valued insurance, vehicle insurance, whole life insurance II index guaranty, safeguard, security (pledge), undertaking (pledge)

Burton's Legal Thesaurus. . 2006

A contract in which one party, the insurer, agrees to compensate the other party, the insured, for specified losses or damage to property or people in exchange for consideration, usually the payment of a premium.

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.

a contract under which one party (the insurer), in consideration of receipt of a premium, undertakes to pay money to another person (the assured) on the happening of a specified event (as, for example, on death or accident or loss or damage to property). The instrument containing the terms of the contract is known as a policy. Contracts of insurance are uberrimae fidei, requiring full disclosure by the assured of all facts material to the risk insured. See also life insurance, insurable interest.

Collins dictionary of law. . 2001.

A contract in which the insured pays a fee to the insurance company, and in exchange, the insurance company agrees to pay the beneficiary of the policy a given amount if specific events occur. For example, life insurance pays a beneficiary on the death of the insured, auto insurance pays the beneficiary if the insured gets into an auto accident, and health insurance pays for health care if the insured gets sick. There are many, many kinds of insurance including: life insurance, auto insurance, health insurance, mortgage insurance, unemployment insurance, accident insurance, burial insurance, cargo insurance, fire insurance, title insurance.
Category: Personal Finance & Retirement → Life Insurance
Category: Personal Finance & Retirement → Money & Taxes for Retirees
Category: Personal Finance & Retirement → Retirement Planning
Category: Wills, Trusts & Estates → Getting Your Affairs in Order

Nolo’s Plain-English Law Dictionary. . 2009.

n. An agreement by an insurer to provide compensation or another benefit upon the occurrence of a specified risk causing harm to property or the person of an insured.
@ casualty insurance
Insurance for loss or injury to person or property.
@ indemnity insurance
Insurance which protects against loss, as opposed to insurance against one's liability to others.
@ liability insurance
Insurance which protects against one's liability to others, as with automobile insurance that provides coverage for accidents in which the policyholder is at fault, or homeowners' insurance, which provides coverage for injury to those who are injured while on the homeowner's property.
@ life insurance
Insurance for loss of life.

Webster's New World Law Dictionary. . 2000.

A contract whereby, for specified consideration, one party undertakes to compensate the other for a loss relating to a particular subject as a result of the occurrence of designated hazards.

Dictionary from West's Encyclopedia of American Law. 2005.

A contract whereby, for specified consideration, one party undertakes to compensate the other for a loss relating to a particular subject as a result of the occurrence of designated hazards.

Short Dictionary of (mostly American) Legal Terms and Abbreviations.

   a contract (insurance policy) in which the insurer (insurance company) agrees for a fee (insurance premiums) to pay the insured party all or a portion of any loss suffered by accident or death. The losses covered by the policy may include property damage or loss from accident, fire, theft or intentional harm; medical costs and/or lost earnings due to physical injury; long-term or permanent loss of physical capacity; claims by others due to the insured's alleged negligence (e.g. public liability auto insurance); loss of a ship and/or cargo; finding a defect in title to real property; dishonest employees; or the loss of someone's life. Life insurance may be on the life of a spouse, a child, one of several business partners or an especially important manager ("key man" insurance), all of which is intended to provide for survivors or to ease the burden created by the loss of a financial contributor. So-called "mortgage" insurance is life insurance which will pay off the remaining amount due on a home loan on the death of the husband or wife. Life insurance proceeds are usually not included in the probate of a dead person's estate, but the funds may be counted by the Internal Revenue Service in calculating estate tax. Insurance companies may refuse to pay a claim by a third party against an insured, but at the same time may be required to assume the legal defense (pay attorney's fees or provide an attorney) under the doctrine of "reservation of rights."

Law dictionary. . 2013.

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Look at other dictionaries:

  • Insurance — In*sur ance, n. [From {Insure}.] [1913 Webster] 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… …   The Collaborative International Dictionary of English

  • insurance — ► NOUN 1) the action of insuring. 2) the business of providing insurance. 3) money paid for insurance, or as compensation under an insurance policy. 4) a thing providing protection against a possible eventuality …   English terms dictionary

  • insurance — [in shoor′əns] n. [earlier ensurance < OFr enseurance: see ENSURE] 1. an insuring or being insured against loss; a system of protection against loss in which a number of individuals agree to pay certain sums (premiums) periodically for a… …   English World dictionary

  • insurance — (n.) 1550s, engagement to marry, a variant of ensurance (see ENSURE (Cf. ensure)). Commercial sense of security against loss or death in exchange for payment is from 1650s. ASSURANCE (Cf. Assurance) was the older term for this (late 16c.) …   Etymology dictionary

  • insurance — see assure, assurance …   Modern English usage

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  • Insurance — This article is about risk management. For Insurance (blackjack), see Blackjack. For Insurance run (baseball), see Insurance run. In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a… …   Wikipedia

  • insurance — /in shoor euhns, sherr /, n. 1. the act, system, or business of insuring property, life, one s person, etc., against loss or harm arising in specified contingencies, as fire, accident, death, disablement, or the like, in consideration of a… …   Universalium

  • insurance — Guarding against property loss or damage making payments in the form of premiums to an insurance company, which pays an agreed upon sum to the insured in the event of loss. Bloomberg Financial Dictionary * * * insurance in‧sur‧ance [ɪnˈʆʊərəns ǁ… …   Financial and business terms

  • insurance — A contract whereby, for a stipulated consideration, one party undertakes to compensate the other for loss on a specified subject by specified perils. The party agreeing to make the compensation is usually called the insurer or underwriter; the… …   Black's law dictionary

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