Insurance Definition By Different Authors

Insurance is a co operative form of distributing a certain risk over a group of persons who are exposed to it. Provides coverage only during the term of the policy and pays off only on the insured s death. 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.

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Insurance definition by different authors. Insurance company or the insurer agrees to compensate the loss or damage sustained to another party i e. Some forms of insurance are required by law while others are optional. The insured by paying a definite amount in exchange for an adequate consideration called as premium. Some of the popular definitions are as follows.

Added an answer on march 10 2020 at 6 54 pm. How to use insurance in a sentence. 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. Insurance definition is coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril.

Definition of insurance by different scholars. Definition of insurance by different scholars. Two general types are available. Whole life insurance provides savings as well as insurance and can let the insured.

Term insurance life insurance with a death benefit but no accumulated savings. Life insurance provides for your family or some other named beneficiaries on your death. A clause in an insurance policy that indicates that the insurer will only cover the least expensive option for treatment repair or remediation. Different authors authorities have defined the term insurance differently.

34 questions 22 answers 2 best answers 3 points view profile. 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. Insurance refers to a contractual arrangement in which one party i e. Insurance is designed to protect the financial well being of an individual company or other entity in the case of unexpected loss.