Insurance policy

Insurance policy
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 another against loss by certain specified risks. Cf. {Assurance}, n., 6. [1913 Webster]

Note: The person who undertakes to pay in case of loss is termed the insurer; the danger against which he undertakes, the risk; the person protected, the insured; the sum which he pays for the protection, the premium; and the contract itself, when reduced to form, the policy. --Johnson's Cyc. [1913 Webster]

2. The premium paid for insuring property or life. [1913 Webster]

3. The sum for which life or property is insured. [1913 Webster]

4. A guaranty, security, or pledge; assurance. [Obs.] [1913 Webster]

The most acceptable insurance of the divine protection. --Mickle. [1913 Webster]

5. Hence: Any means of assuring against loss; a precaution; as, we always use our seat belts as insurance against injury. [PJC]

{Accident insurance}, insurance against pecuniary loss by reason of accident to the person.

{Endowment insurance} or {Endowment assurance}, 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}. [1913 Webster]

The Collaborative International Dictionary of English. 2000.

Look at other dictionaries:

  • insurance policy — n: a writing whereby a contract of insurance is made in which the rights and duties of the insurer and the insured are set out Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. insurance policy …   Law dictionary

  • insurance policy — A contract detailing an insurance policy and outlining what risks are insured, what insurance premiums are to be paid by the policyholder, what deductibles prevail, and all the details associated with a policy. Bloomberg Financial Dictionary * *… …   Financial and business terms

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  • insurance policy — UK / US noun [countable] Word forms insurance policy : singular insurance policy plural insurance policies an official document containing the details of the agreement between you and an insurance company …   English dictionary

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  • insurance policy — Synonyms and related words: accident insurance, actuary, annuity, arrangement, assurance, aviation insurance, bail bond, bond, business life insurance, casualty insurance, certificate of insurance, contract by deed, contract of record, contract… …   Moby Thesaurus

  • insurance policy — in surance .policy plural insurance policies n a written agreement for insurance with an insurance company …   Dictionary of contemporary English

  • insurance policy — noun A legal document outlining a particular insurance cover for an insured entity for a given risk. For example; [ …   Wiktionary

  • insurance policy — in surance ,policy noun count an official document containing the details of the agreement between you and an insurance company …   Usage of the words and phrases in modern English

  • insurance policy — A Contractual arrangement to compensate for potential future illness or loss of life, or for the loss or impairment of *assets. Insurance is a means of *risk management, and insurance cover is normally arranged through the regular payment of a… …   Auditor's dictionary

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