Definition of Insurance. Meaning of Insurance. Synonyms of Insurance

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Definition of Insurance

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Coinsurance
Coinsurance Co`in*sur"ance, n. [Co- + insurance.] Insurance jointly with another or others; specif., that system of fire insurance in which the insurer is treated as insuring himself to the extent of that part of the risk not covered by his policy, so that any loss is apportioned between him and the insurance company on the principle of average, as in marine insurance or between other insurers.
Insurance broker
Broker Bro"ker (br[=o]"k[~e]r), n. [OE. brocour, from a word akin to broken, bruken, to use, enjoy, possess, digest, fr. AS. br[=u]can to use, enjoy; cf. Fries. broker, F. brocanteur. See Brook, v. t.] 1. One who transacts business for another; an agent. 2. (Law) An agent employed to effect bargains and contracts, as a middleman or negotiator, between other persons, for a compensation commonly called brokerage. He takes no possession, as broker, of the subject matter of the negotiation. He generally contracts in the names of those who employ him, and not in his own. --Story. 3. A dealer in money, notes, bills of exchange, etc. 4. A dealer in secondhand goods. [Eng.] 5. A pimp or procurer. [Obs.] --Shak. Bill broker, one who buys and sells notes and bills of exchange. Curbstone broker or Street broker, an operator in stocks (not a member of the Stock Exchange) who executes orders by running from office to office, or by transactions on the street. [U.S.] Exchange broker, one who buys and sells uncurrent money, and deals in exchanges relating to money. Insurance broker, one who is agent in procuring insurance on vessels, or against fire. Pawn broker. See Pawnbroker. Real estate broker, one who buys and sells lands, and negotiates loans, etc., upon mortgage. Ship broker, one who acts as agent in buying and selling ships, procuring freight, etc. Stock broker. See Stockbroker.
insurance reserve
Reserve Re*serve", n. 1. (Finance) (a) That part of the assets of a bank or other financial institution specially kept in cash in a more or less liquid form as a reasonable provision for meeting all demands which may be made upon it; specif.: (b) (Banking) Usually, the uninvested cash kept on hand for this purpose, called the real reserve. In Great Britain the ultimate real reserve is the gold kept on hand in the Bank of England, largely represented by the notes in hand in its own banking department; and any balance which a bank has with the Bank of England is a part of its reserve. In the United States the reserve of a national bank consists of the amount of lawful money it holds on hand against deposits, which is required by law to be not less than 15 per cent (--U. S. Rev. Stat. secs. 5191, 5192), three fifths of which the banks not in a reserve city (which see) may keep deposited as balances in national banks that are in reserve cities (--U. S. Rev. Stat. sec. 5192). (c) (Life Insurance) The amount of funds or assets necessary for a company to have at any given time to enable it, with interest and premiums paid as they shall accure, to meet all claims on the insurance then in force as they would mature according to the particular mortality table accepted. The reserve is always reckoned as a liability, and is calculated on net premiums. It is theoretically the difference between the present value of the total insurance and the present value of the future premiums on the insurance. The reserve, being an amount for which another company could, theoretically, afford to take over the insurance, is sometimes called the reinsurance fund or the self-insurance fund. For the first year upon any policy the net premium is called the initial reserve, and the balance left at the end of the year including interest is the terminal reserve. For subsequent years the initial reserve is the net premium, if any, plus the terminal reserve of the previous year. The portion of the reserve to be absorbed from the initial reserve in any year in payment of losses is sometimes called the insurance reserve, and the terminal reserve is then called the investment reserve. 2. In exhibitions, a distinction which indicates that the recipient will get a prize if another should be disqualified. 3. (Calico Printing) A resist. 4. A preparation used on an object being electroplated to fix the limits of the deposit. 5. See Army organization, above.
Insurancer
Insurancer In*sur"an*cer, n. One who effects insurance; an insurer; an underwriter. [Obs.] --Dryden. hose bold insurancers of deathless fame. --Blair.
Marine insurance
Marine engine (Mech.), a steam engine for propelling a vessel. Marine glue. See under Glue. Marine insurance, insurance against the perils of the sea, including also risks of fire, piracy, and barratry. Marine interest, interest at any rate agreed on for money lent upon respondentia and bottomry bonds. Marine law. See under Law. Marine league, three geographical miles. Marine metal, an alloy of lead, antimony, and mercury, made for sheathing ships. --Mc Elrath. Marine soap, cocoanut oil soap; -- so called because, being quite soluble in salt water, it is much used on shipboard. Marine store, a store where old canvas, ropes, etc., are bought and sold; a junk shop. [Eng.]
Mutual insurance
Mutual Mu"tu*al, a. [F. mutuel, L. mutuus, orig., exchanged, borrowed, lent; akin to mutare to change. See Mutable.] 1. Reciprocally acting or related; reciprocally receiving and giving; reciprocally given and received; reciprocal; interchanged; as, a mutual love, advantage, assistance, aversion, etc. Conspiracy and mutual promise. --Sir T. More. Happy in our mutual help, And mutual love. --Milton. A certain shyness on such subjects, which was mutual between the sisters. --G. Eliot. 2. Possessed, experienced, or done by two or more persons or things at the same time; common; joint; as, mutual happiness; a mutual effort. --Burke. A vast accession of misery and woe from the mutual weeping, and wailing, and gnashing of teeth. --Bentley. Note: This use of mutual as synonymous with common is inconsistent with the idea of interchange, or reciprocal relation, which properly belongs to it; but the word has been so used by many writers of high authority. The present tendency is toward a careful discrimination. Mutual, as Johnson will tell us, means something reciprocal, a giving and taking. How could people have mutual ancestors? --P. Harrison. Mutual insurance, agreement among a number of persons to insure each other against loss, as by fire, death, or accident. Mutual insurance company, one which does a business of insurance on the mutual principle, the policy holders sharing losses and profits pro rata. Syn: Reciprocal; interchanged; common.
Mutual insurance company
Mutual Mu"tu*al, a. [F. mutuel, L. mutuus, orig., exchanged, borrowed, lent; akin to mutare to change. See Mutable.] 1. Reciprocally acting or related; reciprocally receiving and giving; reciprocally given and received; reciprocal; interchanged; as, a mutual love, advantage, assistance, aversion, etc. Conspiracy and mutual promise. --Sir T. More. Happy in our mutual help, And mutual love. --Milton. A certain shyness on such subjects, which was mutual between the sisters. --G. Eliot. 2. Possessed, experienced, or done by two or more persons or things at the same time; common; joint; as, mutual happiness; a mutual effort. --Burke. A vast accession of misery and woe from the mutual weeping, and wailing, and gnashing of teeth. --Bentley. Note: This use of mutual as synonymous with common is inconsistent with the idea of interchange, or reciprocal relation, which properly belongs to it; but the word has been so used by many writers of high authority. The present tendency is toward a careful discrimination. Mutual, as Johnson will tell us, means something reciprocal, a giving and taking. How could people have mutual ancestors? --P. Harrison. Mutual insurance, agreement among a number of persons to insure each other against loss, as by fire, death, or accident. Mutual insurance company, one which does a business of insurance on the mutual principle, the policy holders sharing losses and profits pro rata. Syn: Reciprocal; interchanged; common.
Reinsurance
Reinsurance Re`in*sur"ance (-sh?r"ans), n. 1. Insurance a second time or again; renewed insurance. 2. A contract by which an insurer is insured wholly or in part against the risk he has incurred in insuring somebody else. See Reassurance.
reinsurance fund
Reserve Re*serve", n. 1. (Finance) (a) That part of the assets of a bank or other financial institution specially kept in cash in a more or less liquid form as a reasonable provision for meeting all demands which may be made upon it; specif.: (b) (Banking) Usually, the uninvested cash kept on hand for this purpose, called the real reserve. In Great Britain the ultimate real reserve is the gold kept on hand in the Bank of England, largely represented by the notes in hand in its own banking department; and any balance which a bank has with the Bank of England is a part of its reserve. In the United States the reserve of a national bank consists of the amount of lawful money it holds on hand against deposits, which is required by law to be not less than 15 per cent (--U. S. Rev. Stat. secs. 5191, 5192), three fifths of which the banks not in a reserve city (which see) may keep deposited as balances in national banks that are in reserve cities (--U. S. Rev. Stat. sec. 5192). (c) (Life Insurance) The amount of funds or assets necessary for a company to have at any given time to enable it, with interest and premiums paid as they shall accure, to meet all claims on the insurance then in force as they would mature according to the particular mortality table accepted. The reserve is always reckoned as a liability, and is calculated on net premiums. It is theoretically the difference between the present value of the total insurance and the present value of the future premiums on the insurance. The reserve, being an amount for which another company could, theoretically, afford to take over the insurance, is sometimes called the reinsurance fund or the self-insurance fund. For the first year upon any policy the net premium is called the initial reserve, and the balance left at the end of the year including interest is the terminal reserve. For subsequent years the initial reserve is the net premium, if any, plus the terminal reserve of the previous year. The portion of the reserve to be absorbed from the initial reserve in any year in payment of losses is sometimes called the insurance reserve, and the terminal reserve is then called the investment reserve. 2. In exhibitions, a distinction which indicates that the recipient will get a prize if another should be disqualified. 3. (Calico Printing) A resist. 4. A preparation used on an object being electroplated to fix the limits of the deposit. 5. See Army organization, above.
self-insurance fund
Reserve Re*serve", n. 1. (Finance) (a) That part of the assets of a bank or other financial institution specially kept in cash in a more or less liquid form as a reasonable provision for meeting all demands which may be made upon it; specif.: (b) (Banking) Usually, the uninvested cash kept on hand for this purpose, called the real reserve. In Great Britain the ultimate real reserve is the gold kept on hand in the Bank of England, largely represented by the notes in hand in its own banking department; and any balance which a bank has with the Bank of England is a part of its reserve. In the United States the reserve of a national bank consists of the amount of lawful money it holds on hand against deposits, which is required by law to be not less than 15 per cent (--U. S. Rev. Stat. secs. 5191, 5192), three fifths of which the banks not in a reserve city (which see) may keep deposited as balances in national banks that are in reserve cities (--U. S. Rev. Stat. sec. 5192). (c) (Life Insurance) The amount of funds or assets necessary for a company to have at any given time to enable it, with interest and premiums paid as they shall accure, to meet all claims on the insurance then in force as they would mature according to the particular mortality table accepted. The reserve is always reckoned as a liability, and is calculated on net premiums. It is theoretically the difference between the present value of the total insurance and the present value of the future premiums on the insurance. The reserve, being an amount for which another company could, theoretically, afford to take over the insurance, is sometimes called the reinsurance fund or the self-insurance fund. For the first year upon any policy the net premium is called the initial reserve, and the balance left at the end of the year including interest is the terminal reserve. For subsequent years the initial reserve is the net premium, if any, plus the terminal reserve of the previous year. The portion of the reserve to be absorbed from the initial reserve in any year in payment of losses is sometimes called the insurance reserve, and the terminal reserve is then called the investment reserve. 2. In exhibitions, a distinction which indicates that the recipient will get a prize if another should be disqualified. 3. (Calico Printing) A resist. 4. A preparation used on an object being electroplated to fix the limits of the deposit. 5. See Army organization, above.
Term insurance
Term insurance Term insurance Insurance for a specified term providing for no payment to the insured except upon losses during the term, and becoming void upon its expiration.
Tontine insurance
Tontine insurance Ton*tine" in*su"rance (Life Insurance) Insurance in which the benefits of the insurance are distributed upon the tontine principle. Under the old, or full tontine, plan, all benefits were forfeited on lapsed policies, on the policies of those who died within the tontine period only the face of the policy was paid without any share of the surplus, and the survivor at the end of the tontine period received the entire surplus. This plan of tontine insurance has been replaced in the United States by the semitontine plan, in which the surplus is divided among the holders of policies in force at the termination of the tontine period, but the reverse for the paid-up value is paid on lapsed policies, and on the policies of those that have died the face is paid. Other modified forms are called free tontine, deferred dividend, etc., according to the nature of the tontine arrangement.
Underground insurance
Underground insurance Un"der*ground` in*sur"ance Wildcat insurance.

Meaning of Insurance from wikipedia

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