Definition: A financial risk management tool in which the insured transfers a risk of potential financial loss to the insurance company that mitigates it in exchange for monetary compensation known as the premium. Description: Insurance policies, a contract between the policyholder and the insurance company, are of different types depending on the risk they mitigate. Broad categories include life, health, motor, travel, home, rural, commercial and business insurance. The Insurance Regulatory and Development Authority, an agency of the Government of India, is the regulatory body for the insurance sector’s supervision and development in India.ADVERTISEMENT What is Insurance? Watch video... This shows grade level based on the word's complexity. [ in-shoor-uhns, -shur- ] / ɪnˈʃʊər əns, -ˈʃɜr- / the act, system, or business of insuring property, life, one's person, etc., against loss or harm arising in specified contingencies, as fire, accident, death, disablement, or the like, in consideration of a payment proportionate to the risk involved. coverage by contract in which one party agrees to indemnify or reimburse another for loss that occurs under the terms of the contract. the contract itself, set forth in a written or printed agreement or policy. the amount for which anything is insured. any means of guaranteeing against loss or harm: Taking vitamin C is viewed as an insurance against catching colds. of or relating to a score that increases a team's lead and insures that the lead will be held if the opposing team should score once more: The home run gave the team an insurance run, making the score 7-5. QUIZ YOURSELF ON OPPOSITES OF RED BEFORE YOU TURN SCARLET We have a challenge that will make you blush: do you know the many words and ways to describe the opposite of red? Which of the following colors is used to symbolize AIR? TAKE THE QUIZ TO FIND OUT First recorded in 1545–55; insure + -ance non·in·sur·ance, nounpre·in·sur·ance, nounpro·in·sur·ance, adjective insuperable, insupportable, insuppressible, insurable, insurable interest, insurance, insurant, insure, insured, insurer, insurgence Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2022 allowance, coverage, guarantee, assurance, backing, cover, indemnification, indemnity, provision, safeguard, support, warrant, warranty
a means of protecting or safeguarding against risk or injury Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012 FEEDBACK© 2022 Dictionary.com, LLC |