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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 brokerBroker 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 reserveReserve 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 insuranceMutual 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 companyMutual 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. ReinsuranceReinsurance 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 fundReserve 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 fundReserve 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 insuranceTontine 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.
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