- 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.