Insurance definition: Copy, customize, and use instantly
Introduction
The term "Insurance" refers to a financial arrangement in which one party (the insurer) provides monetary protection or reimbursement to another party (the insured) in the event of specific losses or damages. Insurance serves as a risk management tool, where the insured pays a premium in exchange for coverage against potential financial loss.
Below are various examples of how "Insurance" can be defined in different contexts. Copy the one that fits your needs, customize it, and use it in your contract.
Definition of "Insurance" as a contractual agreement where the insurer provides financial protection to the insured in exchange for regular premium payments, covering losses from specified events
This definition connects "Insurance" to the contract and premium payments.
"Insurance" refers to a contractual agreement where the insurer provides financial protection to the insured in exchange for regular premium payments, covering losses from specified events such as accidents, theft, or natural disasters.
Definition of "Insurance" as a policy that offers financial compensation to the insured for losses or damages incurred from specific risks, with the insured paying periodic premiums to maintain coverage
This definition ties "Insurance" to compensation for losses and the payment of premiums.
"Insurance" means a policy that offers financial compensation to the insured for losses or damages incurred from specific risks, with the insured paying periodic premiums to maintain coverage and safeguard against potential financial hardship.
Definition of "Insurance" as a financial agreement where the insurer assumes the risk of certain losses in exchange for the insured’s payment of a premium, covering events like property damage, medical expenses, or liability claims
This definition connects "Insurance" to risk assumption and various coverage types.
"Insurance" refers to a financial agreement where the insurer assumes the risk of certain losses in exchange for the insured’s payment of a premium, covering events like property damage, medical expenses, or liability claims that may arise.
Definition of "Insurance" as an arrangement in which an individual or entity receives protection against financial loss from an insurer, which is typically provided in exchange for regular premium payments
This definition ties "Insurance" to protection against financial loss and premium payments.
"Insurance" means an arrangement in which an individual or entity receives protection against financial loss from an insurer, which is typically provided in exchange for regular premium payments to manage potential risks.
Definition of "Insurance" as a service provided by an insurer where the insured pays premiums in exchange for financial coverage in the event of specified losses, such as theft, illness, or property damage
This definition connects "Insurance" to the service provided by insurers.
"Insurance" refers to a service provided by an insurer where the insured pays premiums in exchange for financial coverage in the event of specified losses, such as theft, illness, or property damage, ensuring the insured is financially protected.
Definition of "Insurance" as a contract where the insurer compensates the insured for losses incurred due to unforeseen events, subject to specific exclusions and conditions set forth in the policy
This definition ties "Insurance" to compensation for unforeseen events.
"Insurance" means a contract where the insurer compensates the insured for losses incurred due to unforeseen events, subject to specific exclusions and conditions set forth in the policy, providing a safety net for the insured against certain risks.
Definition of "Insurance" as an agreement in which the insured pays a premium to receive coverage from an insurer for potential risks, such as accidents, theft, or other types of damage
This definition connects "Insurance" to coverage for risks.
"Insurance" refers to an agreement in which the insured pays a premium to receive coverage from an insurer for potential risks, such as accidents, theft, or other types of damage, offering financial protection in case of a loss.
Definition of "Insurance" as a financial product that helps individuals or businesses mitigate risks by providing compensation for losses resulting from specific events, in exchange for regular premium payments
This definition ties "Insurance" to mitigating risks and providing compensation.
"Insurance" refers to a financial product that helps individuals or businesses mitigate risks by providing compensation for losses resulting from specific events, in exchange for regular premium payments, offering a safety net for unforeseen events.
Definition of "Insurance" as an arrangement where the insured pays periodic premiums to the insurer in exchange for protection against specific risks, such as health, life, or property-related issues
This definition connects "Insurance" to periodic premium payments and protection.
"Insurance" means an arrangement where the insured pays periodic premiums to the insurer in exchange for protection against specific risks, such as health, life, or property-related issues, ensuring the insured is covered in times of need.
Definition of "Insurance" as a service in which the insurer compensates the insured for specified losses, damages, or liabilities, providing a financial safety net in exchange for premium payments
This definition ties "Insurance" to compensation for losses and liability coverage.
"Insurance" refers to a service in which the insurer compensates the insured for specified losses, damages, or liabilities, providing a financial safety net in exchange for premium payments, ensuring the insured is protected from financial hardship.
Definition of "Insurance" as a formal agreement where the insurer provides financial protection to the insured in case of certain events, such as illness or damage, in exchange for a premium paid by the insured
This definition connects "Insurance" to formal agreements and specific coverage events.
"Insurance" means a formal agreement where the insurer provides financial protection to the insured in case of certain events, such as illness or damage, in exchange for a premium paid by the insured to ensure coverage.
Definition of "Insurance" as a mechanism where the insurer compensates the insured for certain risks in exchange for premiums, typically covering losses such as medical costs, accidents, or property damage
This definition ties "Insurance" to covering risks and compensating for losses.
"Insurance" refers to a mechanism where the insurer compensates the insured for certain risks in exchange for premiums, typically covering losses such as medical costs, accidents, or property damage, offering peace of mind and financial security.
Definition of "Insurance" as an agreement where the insurer takes on financial responsibility for losses, damages, or liabilities in exchange for periodic premiums paid by the insured
This definition ties "Insurance" to assuming financial responsibility and premium payments.
"Insurance" means an agreement where the insurer takes on financial responsibility for losses, damages, or liabilities in exchange for periodic premiums paid by the insured, providing a safety net in case of emergencies.
Definition of "Insurance" as a financial product that allows the insured to pay premiums in exchange for financial compensation in the event of a loss or damage caused by covered risks
This definition connects "Insurance" to financial compensation and covered risks.
"Insurance" refers to a financial product that allows the insured to pay premiums in exchange for financial compensation in the event of a loss or damage caused by covered risks, ensuring that the insured is financially protected.
Definition of "Insurance" as a financial arrangement in which the insurer agrees to cover the insured for specified risks or losses, in exchange for periodic premium payments, with detailed terms outlined in the policy
This definition ties "Insurance" to detailed terms outlined in a policy.
"Insurance" means a financial arrangement in which the insurer agrees to cover the insured for specified risks or losses, in exchange for periodic premium payments, with detailed terms outlined in the policy that governs the coverage.
Definition of "Insurance" as a service provided by an insurer, where the insured pays premiums in exchange for protection against various types of risks, including personal injury, damage, or loss
This definition connects "Insurance" to various types of risks.
"Insurance" refers to a service provided by an insurer, where the insured pays premiums in exchange for protection against various types of risks, including personal injury, damage, or loss, ensuring coverage in times of need.
Definition of "Insurance" as a contractual agreement where the insurer compensates the insured for specific losses, damages, or liabilities resulting from predefined events, in exchange for the payment of premiums
This definition ties "Insurance" to compensation for predefined events.
"Insurance" means a contractual agreement where the insurer compensates the insured for specific losses, damages, or liabilities resulting from predefined events, in exchange for the payment of premiums, ensuring the insured is protected.
Definition of "Insurance" as a system in which individuals or businesses pay premiums to the insurer in exchange for financial protection against certain risks, such as property loss or medical expenses
This definition connects "Insurance" to financial protection and risk coverage.
"Insurance" refers to a system in which individuals or businesses pay premiums to the insurer in exchange for financial protection against certain risks, such as property loss or medical expenses, providing a safety net in times of uncertainty.
Definition of "Insurance" as a financial service where the insurer provides coverage for potential losses or damages, in exchange for regular premium payments from the insured
This definition ties "Insurance" to the financial service of covering potential losses.
"Insurance" means a financial service where the insurer provides coverage for potential losses or damages, in exchange for regular premium payments from the insured, offering peace of mind in case of an unforeseen event.
Definition of "Insurance" as an arrangement where the insurer provides financial support in the event of a covered loss, in exchange for regular premium payments made by the insured
This definition ties "Insurance" to financial support and premium payments.
"Insurance" refers to an arrangement where the insurer provides financial support in the event of a covered loss, in exchange for regular premium payments made by the insured, ensuring protection from unexpected events.
Definition of "Insurance" as a risk management tool where an individual or business purchases coverage from an insurer to mitigate financial loss due to specific risks, such as accidents or natural disasters
This definition connects "Insurance" to risk management and coverage for specific risks.
"Insurance" means a risk management tool where an individual or business purchases coverage from an insurer to mitigate financial loss due to specific risks, such as accidents or natural disasters.
Definition of "Insurance" as a financial product that offers protection against potential future financial losses by compensating the insured in exchange for a premium
This definition ties "Insurance" to protection against future financial losses.
"Insurance" refers to a financial product that offers protection against potential future financial losses by compensating the insured in exchange for a premium, giving individuals or businesses security against unforeseen events.
Definition of "Insurance" as an agreement where the insurer covers financial losses incurred by the insured due to specific risks, with payment made to the insurer in the form of periodic premiums
This definition ties "Insurance" to covering financial losses and premium payments.
"Insurance" means an agreement where the insurer covers financial losses incurred by the insured due to specific risks, with payment made to the insurer in the form of periodic premiums, ensuring protection for the insured.
Definition of "Insurance" as a service in which an individual or entity pays premiums to an insurer, which in turn provides compensation for losses from covered events, such as illness or property damage
This definition connects "Insurance" to paying premiums and receiving compensation.
"Insurance" refers to a service in which an individual or entity pays premiums to an insurer, which in turn provides compensation for losses from covered events, such as illness or property damage, offering financial security to the insured.
Definition of "Insurance" as a contract in which one party (the insurer) agrees to provide financial protection or reimbursement to another party (the insured) in exchange for regular payments
This definition ties "Insurance" to a contractual arrangement for financial protection.
"Insurance" refers to a contract in which one party (the insurer) agrees to provide financial protection or reimbursement to another party (the insured) in exchange for regular payments, ensuring coverage for potential risks.
Definition of "Insurance" as a system where the insured party pays premiums to an insurer, which agrees to cover certain financial losses that arise from events such as accidents, theft, or illness
This definition connects "Insurance" to covering financial losses from specific events.
"Insurance" means a system where the insured party pays premiums to an insurer, which agrees to cover certain financial losses that arise from events such as accidents, theft, or illness, providing financial relief.
Definition of "Insurance" as a service where individuals or businesses purchase protection from insurers, who in turn agree to compensate for losses or damages covered by the insurance policy
This definition ties "Insurance" to purchasing protection and compensating for losses.
"Insurance" refers to a service where individuals or businesses purchase protection from insurers, who in turn agree to compensate for losses or damages covered by the insurance policy, offering peace of mind in times of hardship.
Definition of "Insurance" as an arrangement in which an individual or entity pays for protection against risks or losses, with the insurer providing compensation for specific covered incidents
This definition connects "Insurance" to paying for protection and receiving compensation.
"Insurance" means an arrangement in which an individual or entity pays for protection against risks or losses, with the insurer providing compensation for specific covered incidents, offering financial safety to the insured.
Definition of "Insurance" as a financial safeguard in which the insurer compensates the insured for losses incurred due to covered events, such as accidents, illness, or theft, in exchange for premium payments
This definition ties "Insurance" to safeguarding financial losses and premium payments.
"Insurance" refers to a financial safeguard in which the insurer compensates the insured for losses incurred due to covered events, such as accidents, illness, or theft, in exchange for premium payments, ensuring financial protection.
Definition of "Insurance" as a mechanism in which individuals or companies transfer the financial burden of certain risks to an insurer, who compensates the insured in the event of a loss or damage
This definition connects "Insurance" to transferring financial burdens and compensation.
"Insurance" means a mechanism in which individuals or companies transfer the financial burden of certain risks to an insurer, who compensates the insured in the event of a loss or damage, ensuring financial protection.
This article contains general legal information and does not contain legal advice. Cobrief is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.