What is insurance?

  • (noun): Protection against future loss.
    Synonyms: indemnity
    See also — Additional definitions below


Insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer, or insurance carrier, is a company selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy. The amount to be charged for a certain amount of insurance coverage is called the premium. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.

Read more about Insurance.

Some articles on insurance:

Insurance Australia Group
... Insurance Australia Group Limited (informally IAG) is a multinational insurance company headquartered in Sydney, Australia ... IAG was formed by the demutualisation of the NRMA Insurance business in July 2000 and a return of shares to the members of NRMA ... According to its website, NRMA Insurance Group Limited changed its name to Insurance Australia Group Limited on 15 January 2002 ...
Insurance Australia Group - Operations - Asia
... Safety Insurance, Thailand, held a stake in 1998, now holds 96% voting rights NZI Thailand, acquired in 2003 AmAssurance, Malaysia, (49% ownership of AmG ... China - Insurance Australia Group owns CAA, the China Automobile Association, the largest roadside assistance provider in the country ...
Railroad Retirement Board - Railroad Unemployment Insurance Act
... Under the Railroad Unemployment Insurance Act, unemployment insurance benefits are paid to railroad workers who are unemployed but ready, willing, and able to work and ...
Insurance - Controversies - Religious Concerns
... Muslim scholars have varying opinions about insurance ... Insurance policies that earn interest are generally considered to be a form of riba (usury) and some consider even policies that do not earn interest to be a form of gharar (speculation) ... scholars also have expressed reservations regarding insurance as an avoidance of God's will but most find it acceptable in moderation ...
Insurance Broker
... An insurance broker (also insurance agent) sells, solicits, or negotiates insurance for compensation ... The three largest insurance brokers in the world, by revenue, are Aon, Marsh McLennan, and Willis Group Holdings ...

More definitions of "insurance":

  • (noun): 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.

Famous quotes containing the word insurance:

    In taking out an insurance policy one pays for it in dollars and cents, always at liberty to discontinue payments. If, however, woman’s premium is a husband, she pays for it with her name, her privacy, her self-respect, her very life, “until death doth part.”
    Emma Goldman (1869–1940)

    For there can be no whiter whiteness than this one:
    An insurance man’s shirt on its morning run.
    Gwendolyn Brooks (b. 1917)

    Before I get through with you, you will have a clear case for divorce and so will my wife. Now, the first thing to do is arrange for a settlement. You take the children, your husband takes the house, Junior burns down the house, you take the insurance and I take you!
    S.J. Perelman, U.S. screenwriter, Arthur Sheekman, Will Johnstone, and Norman Z. McLeod. Groucho Marx, Monkey Business, terms for a divorce settlement proposed while trying to woo Lucille Briggs (Thelma Todd)