We use cookies to enhance your experience on our website, including to provide targeted advertising and track usage. An unexpected, unintended event that caused bodily injury or property damage. Know the basic types of insurance for individuals. Insurance glossary Property insurance definition. is a contract of reimbursement. 19.1 Definitions and Types of Insurance. Learn more. Know the basic types of insurance for individuals. An insurance risk can be transferred to the reinsurer using two … Learning Objectives. Name and describe the various kinds of business insurance. The fire insurance contract is defined as “an agreement, whereby one party in return for a consideration undertakes to indemnify the other party against financial loss which the latter may sustain because of certainly defined subject-matter being damaged or destroyed by fire or other defined perils up to an agreed amount”. insurance a contract under which one party (the insurer), in consideration of receipt of a premium, undertakes to pay money to another person (the assured) on the happening of a specified event (as, for example, on death or accident or loss or damage to property). Learning Objectives. It pays to replace or restore stolen items and items damaged or destroyed by fires, windstorms, and other events. The instrument containing the terms of the contract is known as a policy. Life insurance definition is - insurance providing for payment of a stipulated sum to a designated beneficiary upon death of the insured. 19.1 Definitions and Types of Insurance. Name and describe the various kinds of business insurance. Commercial property insurance is a form of insurance that protects the property owned by your business – your building, equipment, store fixtures, and more. Meaning, pronunciation, picture, example sentences, grammar, usage notes, synonyms and more. other life/health insurance concerns. Certain terms are usefully defined at the outset. Property insurance. The Insurance Handbook reflects this diversity of subjects and issues. Accident. Insurance A contract of reimbursement. Cession places part of certain losses on the re-insurer. Definition of insurance noun in Oxford Advanced Learner's Dictionary. Cession (or to cede) applies to an insurance provider and the insurance company’s insurer (re-insurer). Definition of Fire in Insurance. is a contract of reimbursement. Definitions of Insurance Terms. The following are terms you may hear used in connection with your insurance policy. Insurance A contract of reimbursement. 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