Insurance : (noun)
1: promise of reimbursement in the case of loss; paid to people
or companies so concerned about hazards that they have
made prepayments to an insurance company
2: written contract or certificate of insurance; "you should
have read the small print on your policy" [syn: policy,
insurance policy]
3: protection against future loss [syn: indemnity]
Based on WordNet 2.0
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Insurance : \In*sur"ance\, n. [Based on Insure.]
1. The act of insuring, or assuring, against loss or damage
by a contingent event; a contract whereby, for a
stipulated consideration, called premium, one party
undertakes to indemnify or guarantee another against loss
by certain specified risks. Cf. Assurance, n., 6.
Note: The person who undertakes to pay in case of loss is
termed the insurer; the danger against which he
undertakes, the risk; the person protected, the
insured; the sum which he pays for the protection, the
premium; and the contract itself, when reduced to form,
the policy. --Johnson's Cyc.
2. The premium paid for insuring property or life.
3. The sum for which life or property is insured.
4. A guaranty, security, or pledge; assurance. [Obs.]
The most acceptable insurance of the divine
protection. --Mickle.
Accident insurance, insurance against pecuniary loss by
reason of accident to the person.
Endowment insurance or assurance, a combination of life
insurance and investment such that if the person upon
whose life a risk is taken dies before a certain specified
time the insurance becomes due at once, and if he
survives, it becomes due at the time specified.
Fire insurance. See under Fire.
Insurance broker, a broker or agent who effects insurance.
Insurance company, a company or corporation whose business
it is to insure against loss, damage, or death.
Insurance policy, a certificate of insurance; the document
containing the contract made by an insurance company with
a person whose property or life is insured.
Life insurance. See under Life.
Based on Webster's Revised Unabridged Dictionary
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INSURANCE, contracts. It is defined to be a contract of indemnity from loss
or damage arising upon an uncertain event. 1 Marsh. Ins. 104. It is more
fully defined to be a contract by which one of the parties, called the
insurer, binds himself to the other, called the insured, to pay him a sum of
money, or otherwise indemnify him in case of the happening of a fortuitous
event, provided for in a general or special manner in the contract, in
consideration of a premium which the latter pays, or binds himself to pay
him. Pardess. part 3, t. 8, n. 588; 1 Bouv. Inst. n. 1174.
2. The instrument by which the contract is made is denominated a
policy; the events or causes to be insured against, risks or perils; and the
thing insured, the subject or insurable interest.
3. MarineInsurance : relates to property and risks at sea; insurance of
property on shore against fire, is called fire insurance; and the various
contracts in such cases, are fire policies. Insurance of the lives of
individuals are called insurances on lives. Vide Double Insurance; Re-
Insurance.
Based on Bouvier's Law Dictionary, Revised 6th Ed (1856) [Bouvier_Law_Dictionary]:
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INSURANCE, MARINE, contracts. MarineInsurance : is a contract whereby one
party, for a stipulated premium, undertakes to indemnify the other against
certain perils or sea risks, to which his ship, freight, or cargo, or some
of them may be exposed, during a certain voyage, or a fixed period of time.
3 Kent, Com. 203; Boulay-Paty, Dr. Commercial, t. 10.
2. This contract is usually reduced to writing; the instrument is
called a policy of insurance. (q. v.)
3. All persons, whether natives, citizens, or aliens, may be insured,
with the exception of alien enemies.
4. The insurance may be of goods on a certain ship, or without naming
any, as upon goods on board any ship or ships. The subject insured must be
an insurable legal interest.
5. The contract requires the most perfect good faith; if the insured
make false representations to the insurer, in order to procure his insurance
upon better terms, it will avoid the contract, though the loss arose from a
cause unconnected with the misrepresentation, or the concealment happened
through mistake, neglect, or accident, without any fraudulent intention.
Vide Kent, Com. Lecture, 48; Marsh. Ins. c. 4; Pardessus, Dr. Com. part 4,
t. 5, n. 756, et seq.; Boulay-Paty, Dr. Com. t. 10.
Based on Bouvier's Law Dictionary, Revised 6th Ed (1856) [Bouvier_Law_Dictionary]:
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