Insurance Company By Definition
An insurance company may deny or cancel coverage if the insured party concealed or misrepresented a material fact in the policy application.
Insurance company by definition. My premium to the insurance company because now all that damage will be repaired and the cost will be covered by the insurance company. If an applicant presents an unacceptably high risk of loss for an insurance company the company may deny the application or charge prohibitively high premiums. Insurance company synonyms insurance company pronunciation insurance company translation english dictionary definition of insurance company. An insurance company is usually comprised of multiple insurance agents.
An entity which provides insurance is known as an insurer insurance company insurance carrier or underwriter a person or entity who buys insurance is known as an insured or as a policyholder. An insurance company can specialize in one type of insurance such as life insurance health. Insurance vox populi a contractual relationship when one party an insurance company or underwriter in consideration of a fixed sum a premium agrees to pay on behalf another an insured or policyholder for covered losses up to the limits purchased caused by designated contingencies listed in the policy. A business that provides coverage in the form of compensation resulting from loss damages injury treatment or hardship in exchange for premium payments.
Insurance company a company which may be for profit non profit or government owned that sells the promise to pay for certain expenses in exchange for a regular fee called a premium. Insurance definition is coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril. For example if one purchases health insurance the insurance company will pay for some of the client s medical bills if any. Likewise in life insurance the company.
Definition of insurance company. 16 people found. How to use insurance in a sentence. It is a form of risk management primarily used to hedge against the risk of a contingent or uncertain loss.
A clause in an insurance policy that indicates that the insurer will only cover the least expensive option for treatment repair or remediation. Least expensive alternative treatment leat. A company that offers insurance policies to the public either by selling directly to an individual or through another source such as an employee s benefit plan.
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