It pays to replace or restore stolen items and items damaged or destroyed by fires, windstorms, and other events. Meaning, pronunciation, picture, example sentences, grammar, usage notes, synonyms and more. Certain terms are usefully defined at the outset. Life insurance definition is - insurance providing for payment of a stipulated sum to a designated beneficiary upon death of the insured. The instrument containing the terms of the contract is known as a policy. Cession (or to cede) applies to an insurance provider and the insurance company’s insurer (re-insurer). Cession places part of certain losses on the re-insurer. Learning Objectives. is a contract of reimbursement. is a contract of reimbursement. Name and describe the various kinds of business insurance. Insurance glossary Property insurance definition. 19.1 Definitions and Types of Insurance. Auto Insurance: An auto insurance is a policy purchased by vehicle owners to mitigate costs associated with getting into an auto accident. An unexpected, unintended event that caused bodily injury or property damage. Definitions of Insurance Terms. other life/health insurance concerns. We use cookies to enhance your experience on our website, including to provide targeted advertising and track usage. The fire insurance contract is defined as “an agreement, whereby one party in return for a consideration undertakes to indemnify the other party against financial loss which the latter may sustain because of certainly defined subject-matter being damaged or destroyed by fire or other defined perils up to an agreed amount”. insurance definition: 1. an agreement in which you pay a company money and they pay your costs if you have an accident…. The book begins with basic information on the various types of insurance, including auto, home, life, annuities and long-term care. An insurance risk can be transferred to the reinsurer using two … Know the basic types of insurance for individuals. Definition of insurance noun in Oxford Advanced Learner's Dictionary. Cession (Insurance) Definition. Learning Objectives. Certain terms are usefully defined at the outset. The Insurance Handbook reflects this diversity of subjects and issues. Insurance A contract of reimbursement. insurance a contract under which one party (the insurer), in consideration of receipt of a premium, undertakes to pay money to another person (the assured) on the happening of a specified event (as, for example, on death or accident or loss or damage to property). The following are terms you may hear used in connection with your insurance policy. See your policy for an exact definition of the meaning of the term in your policy. Definition of Fire in Insurance. Property insurance. Insurance A contract of reimbursement. 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