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.
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.