Insurance Definition By Different Authors
How to use insurance in a sentence.
Insurance definition by different authors. Insurance is designed to protect the financial well being of an individual company or other entity in the case of unexpected loss. Definition of insurance by different scholars. Whole life insurance provides savings as well as insurance and can let the insured. 34 questions 22 answers 2 best answers 3 points view profile.
Some forms of insurance are required by law while others are optional. Provides coverage only during the term of the policy and pays off only on the insured s death. Risk is the foundation of insurance but a brief survey of insurance text books reveals differences of opinion among authors concerning the definition of risk. A clause in an insurance policy that indicates that the insurer will only cover the least expensive option for treatment repair or remediation.
Added an answer on march 10 2020 at 6 54 pm. Insurance definition is coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril. Different authors authorities have defined the term insurance differently. Insurance refers to a contractual arrangement in which one party i e.
Definition of insurance by different scholars. Least expensive alternative treatment leat. Insurance is a co operative form of distributing a certain risk over a group of persons who are exposed to it. Insurance company or the insurer agrees to compensate the loss or damage sustained to another party i e.
In the course of this decisional process the court may be looking to a formal and express legal definition as commonly found in the in surance codes or some less formal articu lation of the insurance concept e g that based on the general use of the term in the insurance code and in the decided ju. The insured by paying a definite amount in exchange for an adequate consideration called as premium. Group health insurance in large companies protects the individual with costly conditions by including him with the less costly identity theft is becoming so widespread in the uk that many companies now offer insurance to protect against falling victim to this increasingly common type of fraud. Some of the popular definitions are as follows.
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