insurance Hear it!

insurance definition - legal

n

An agreement by an insurer to provide compensation or another benefit upon the occurrence of a specified risk causing harm to property or the person of an insured.
casualty insurance
Insurance for loss or injury to person or property.
indemnity insurance
Insurance which protects against loss, as opposed to insurance against oneÂ’s liability to others.
liability insurance
Insurance which protects against oneÂ’s liability to others, as with automobile insurance that provides coverage for accidents in which the policyholder is at fault, or homeownersÂ’ insurance, which provides coverage for injury to those who are injured while on the homeownerÂ’s property.
life insurance
Insurance for loss of life.

Webster's New World Law Dictionary Copyright © 2006 by Wiley Publishing, Inc., Hoboken, New Jersey.
Used by arrangement with John Wiley & Sons, Inc.

Comments
Improve this definition.
Do you have more to add? Share your linguistic knowledge or observation.
/Register to save your comments.