Insurance
Insurance
Insurance (pronunciation: /ɪnˈʃʊərəns/) is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients' risks to make payments more affordable for the insured.
Etymology
The term 'insurance' is derived from the French word 'ensurer', which means 'to make sure'. It was adapted into English in the 16th century.
Types of Insurance
There are several types of insurance, each designed to cover different aspects of a person's life or business. Some of the most common types include:
- Health Insurance: Provides coverage for medical expenses incurred by the insured due to illness or injury.
- Life Insurance: Provides a monetary benefit to a decedent's family or other designated beneficiary upon the death of the insured person.
- Property Insurance: Covers loss or damage to property such as houses, cars, and personal belongings.
- Liability Insurance: Provides the insured party with protection against claims resulting from injuries and damage to other people or property.
Insurance Terms
- Premium: The amount of money charged by the insurance company for the coverage provided.
- Deductible: The amount the insured must pay out-of-pocket before the insurance company pays a claim.
- Claim: A formal request by a policyholder to an insurance company for coverage or compensation for a covered loss or policy event.
- Underwriting: The process by which an insurance company evaluates an applicant's risk and determines whether to accept or reject an application for insurance coverage.
See Also
External links
- Medical encyclopedia article on Insurance
- Wikipedia's article - Insurance
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