other life/health insurance concerns. The book begins with basic information on the various types of insurance, including auto, home, life, annuities and long-term care. Certain terms are usefully defined at the outset. Learning Objectives. It pays to replace or restore stolen items and items damaged or destroyed by fires, windstorms, and other events. 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). Commercial property insurance is a form of insurance that protects the property owned by your business – your building, equipment, store fixtures, and more. Auto Insurance: An auto insurance is a policy purchased by vehicle owners to mitigate costs associated with getting into an auto accident. Learning Objectives. Cession (or to cede) applies to an insurance provider and the insurance company’s insurer (re-insurer). is a contract of reimbursement. An insurance risk can be transferred to the reinsurer using two … The instrument containing the terms of the contract is known as a policy. 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”. 19.1 Definitions and Types of Insurance. Property insurance. An unexpected, unintended event that caused bodily injury or property damage. Name and describe the various kinds of business insurance. Meaning, pronunciation, picture, example sentences, grammar, usage notes, synonyms and more. Name and describe the various kinds of business insurance. Insurance glossary Property insurance definition. Certain terms are usefully defined at the outset. We use cookies to enhance your experience on our website, including to provide targeted advertising and track usage. Definition of insurance noun in Oxford Advanced Learner's Dictionary. Life insurance definition is - insurance providing for payment of a stipulated sum to a designated beneficiary upon death of the insured. The following are terms you may hear used in connection with your insurance policy. Insurance A contract of reimbursement. insurance definition: 1. an agreement in which you pay a company money and they pay your costs if you have an accident…. 19.1 Definitions and Types of Insurance. Know the basic types of insurance for individuals. Cession (Insurance) Definition. Accident. Learn more. Insurance A contract of reimbursement. Definitions of Insurance Terms. Know the basic types of insurance for individuals. Cession places part of certain losses on the re-insurer. 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