What Does Insurance Mean?

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What does Insurance mean? Read on to discover the definition & meaning of the term Insurance - to help you better understand the language used in insurance policies.

Insurance

Insurance

A contractual relationship that exists when one party (the insurer) for a consideration (the premium) agrees to reimburse another party (the insured) for loss to a specified subject (the risk) caused by designated contingencies (hazards or perils). The term "assurance," commonly used in England, is considered synonymous with "insurance."

We hope the you have a better understanding of the meaning of Insurance.

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