A explaination of Insurance?
2006-06-25 00:59:08 · 6 answers · asked by bikram 1 in Business & Finance ➔ Insurance
INSURANCE financial protection against loss or harm: an arrangement by which a company gives customers financial protection against loss or harm, for example, theft or illness, in return for payment ( premium )
2.a money paid by an insurance company: the sum of money that an insurance company pays or agrees to pay if a specified undesirable event occurs
3.INSURANCE premium: the payment made to obtain insurance • My car insurance has gone up again.
4.INSURANCE insurance business: the commercial business of providing insurance
5.means of protection: an act, measure, or provision that gives protection against some undesirable event or risk
well i deal in icici pru life do tell me if u want to know more
2006-06-25 01:04:55 · answer #1 · answered by bond 3 · 0⤊ 2⤋
Here's the thing. When you buy insurance, whether it's home, life, car, critical illness, or disability, it all comes down to the same basic idea. You're betting that something awful is going to happen to you in the duration of a specified time period, and the insurance company is betting that you'll be just fine. In life insurance for example, when you buy a 20 year term life insurance policy, you are making a bet with the insurance company that you will die within 20 years. The insurance company, basing its decision on risk analysis and a few other determining factors, makes the bet that you will live for the next 20 years.
2006-06-25 11:08:33 · answer #2 · answered by Peter O 1 · 1⤊ 0⤋
Insurance have different meanings.
As a noun is:
1.the act, system, or business of insuring property, life, one's person, etc., against loss or harm arising in specified contingencies, as fire, accident, death, disablement, or the like, in consideration of a payment proportionate to the risk involved.
2.coverage by contract in which one party agrees to indemnify or reimburse another for loss that occurs under the terms of the contract.
3.the contract itself, set forth in a written or printed agreement or policy.
4.the amount for which anything is insured.
5.an insurance premium.
6.any means of guaranteeing against loss or harm:
Taking vitamin C is viewed as an insurance against catching colds.
And as an adjective : of or relating to a score that increases a team's lead and insures that the lead will be held if the opposing team should score once more:
The home run gave the team an insurance run, making the score 7-5
2015-06-10 04:27:15 · answer #3 · answered by Cristina 2 · 0⤊ 0⤋
Insurance shifts risk form the policy holder to the insurance company
2006-06-25 02:13:35 · answer #4 · answered by ps2754 5 · 0⤊ 0⤋
Exchanging risk - ie, you pay a certain amount of money, and if certain pre-defined things happen, the company compensates you in a pre-defined way.
That's the official answer.
Unofficially, insurance people are professional bookies. You and the insurance company are betting, at the odds set by the company, that something will or will not happen.
People ask me what I do, and I tell them, I'm a professional bookie. They think I'm joking.
2006-06-25 02:22:17 · answer #5 · answered by Anonymous 7 · 1⤊ 1⤋
I recommend that you try this website where you can get rates from the best companies: http://INSURANCECOMPAREQUOTES.US/index.html?src=3YAyrkef1u6R
RE :What is the actual meaning of Insurance?
A explaination of Insurance?
Follow 8 answers
2016-11-27 15:55:44 · answer #6 · answered by ? 6 · 0⤊ 0⤋
the idea of insurance is as old as civilization itself. in any community, it is usually the practice to help a family visited by adversity, as by a fire, or the death of a breadwinner. the assistance may be in cash or in kind, with the purpose of alliviating or helping compensate the loss, which is the concept of insurance. insurance is a social device which combines the risk of individuals into groups, using money contributed by the member of the group to pay for losses of its members. it reduces risk by combining a sufficient number of people , making their losses collectively predictable. all units in the combination then share the predictable loss proportionately.
2006-07-01 19:38:46 · answer #7 · answered by concerned 1 · 0⤊ 0⤋
Let's see if I remember:
Insurance is the pooling of homgeneous exposure units to make their losses affordable.
2006-06-25 06:51:49 · answer #8 · answered by C R 3 · 0⤊ 0⤋
Webster defines it as a guarantee of compensation after a loss. michael defines it as buying a piece of mind.
2006-06-25 01:14:42 · answer #9 · answered by wideyedopen 1 · 0⤊ 0⤋
Compare free quotes from dif companies at QUOTESTOINSURE.INFO-
RE What is the actual meaning of Insurance?
A explaination of Insurance?
2014-09-12 00:22:10 · answer #10 · answered by ? 1 · 0⤊ 7⤋