Meaning of Term in Insurance

• Insurance
  Promise of reimbursement in the case of loss; paid to people or companies so concerned about hazards that they have made prepayments to an insurance company.

• Protection, security
  Defense against financial failure; financial independence; "his pension gave him security in his old age"; "insurance provided protection against loss of wages due to illness".

• Assurance
  A British term for some kinds of insurance.

• Automobile insurance, car insurance
  Insurance against loss due to theft or traffic accidents.

• Business interruption insurance
  Insurance that provides protection for the loss of profits and continuing fixed expenses resulting from a break in commerical activities due to the occurrence of a peril.

• Coinsurance
  Insurance issued jointly by two or more underwriters.

• Fire insurance
  Insurance against loss due to fire.

• Group insurance
  Insurance that is purchased by a group (such as the employees of a company) usually at a reduced rate to individual members of the group.

• Hazard insurance
  Insurance that provides protection against certain risks such as storms or fires.

• Health insurance
  Insurance against loss due to ill health.

• Liability insurance
  Insurance that provides protection from claims arising from injuries or damage to other people or property.

• Life assurance, life insurance
  Insurance paid to named beneficiaries when the insured person dies; "in England they call life insurance life assurance".

• Malpractice insurance
  Insurance purchased by physicians and hospitals to cover the cost of being sued for malpractice; "obstetricians have to pay high rates for malpractice insurance".

• Reinsurance
  Sharing the risk by insurance companies; part or all of the insurer's risk is assumed by other companies in return for part of the premium paid by the insured; "reinsurance enables a client to get coverage that would be too great for any one company to assume".

• Self-insurance
  Insuring yourself by setting aside money to cover possible losses rather than by purchasing an insurance policy.

• Term insurance
  Low-cost insurance that is valid only for a stated period of time and has no cash surrender value or loan value; "term insurance is most often associated with life insurance policies".