Insurance Definition By Different Authors
Added an answer on march 10 2020 at 6 54 pm.
Insurance definition by different authors. 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. Definition of insurance by different scholars. Whole life insurance provides savings as well as insurance and can let the insured. Insurance is designed to protect the financial well being of an individual company or other entity in the case of unexpected loss.
Insurance refers to a contractual arrangement in which one party i e. Some forms of insurance are required by law while others are optional. Definition of insurance by different scholars. Term insurance life insurance with a death benefit but no accumulated savings.
A clause in an insurance policy that indicates that the insurer will only cover the least expensive option for treatment repair or remediation. Provides coverage only during the term of the policy and pays off only on the insured s death. Insurance definition is coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril. How to use insurance in a sentence.
Insurance company or the insurer agrees to compensate the loss or damage sustained to another party i e. Insurance is a co operative form of distributing a certain risk over a group of persons who are exposed to it. 34 questions 22 answers 2 best answers 3 points view profile. 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.
Some of the popular definitions are as follows. Least expensive alternative treatment leat. Different authors authorities have defined the term insurance differently. Life insurance provides for your family or some other named beneficiaries on your death.
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