We use cookies to enhance your experience on our website, including to provide targeted advertising and track usage. 19.1 Definitions and Types of Insurance. The following are terms you may hear used in connection with your insurance policy. The instrument containing the terms of the contract is known as a policy. is a contract of reimbursement. See your policy for an exact definition of the meaning of the term in your policy. An insurance risk can be transferred to the reinsurer using two … Certain terms are usefully defined at the outset. Learn more. Accident. Life insurance definition is - insurance providing for payment of a stipulated sum to a designated beneficiary upon death of the insured. 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). other life/health insurance concerns. 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 of reimbursement. Know the basic types of insurance for individuals. Definitions of Insurance Terms. The book begins with basic information on the various types of insurance, including auto, home, life, annuities and long-term care. An unexpected, unintended event that caused bodily injury or property damage. Commercial property insurance is a form of insurance that protects the property owned by your business – your building, equipment, store fixtures, and more. Property insurance. Know the basic types of insurance for individuals. Name and describe the various kinds of business insurance. 19.1 Definitions and Types of Insurance. Cession places part of certain losses on the re-insurer. Auto Insurance: An auto insurance is a policy purchased by vehicle owners to mitigate costs associated with getting into an auto accident. Definition of insurance noun in Oxford Advanced Learner's Dictionary. Insurance A contract of reimbursement. Definition of Fire in Insurance. Cession (Insurance) Definition. Learning Objectives. Learning Objectives. is a contract of reimbursement. 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