{"id":64271,"date":"2020-12-08T04:28:17","date_gmt":"2020-12-08T04:28:17","guid":{"rendered":"https:\/\/www.healthbenefitstimes.com\/glossary\/?p=64271"},"modified":"2023-03-21T08:52:45","modified_gmt":"2023-03-21T08:52:45","slug":"insurance","status":"publish","type":"post","link":"https:\/\/www.healthbenefitstimes.com\/glossary\/insurance\/","title":{"rendered":"Insurance"},"content":{"rendered":"

Financial protection against injury, death, illness, or any of a variety of other losses.<\/p>\n

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The contractual relationship which exists when one party, for a consideration, agrees to reimburse another for loss to a person or thing caused by designated contingencies. The first party is the insurer; the second, the insured; the contract, the insurance policy, the consideration, the premium; the person or thing, the risk; and the contingency, the hazard or peril. Generally, a formal social device for reducing the risk of losses for individuals by spreading the risk over groups. Insurance characteristically, but not necessarily, involves equitable contributions by the insured, pooling of risks, and the transfer of risks by contract. Insurance may be offered on either a profit or nonprofit basis, to groups or individuals.<\/p>\n

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A method of providing for money to pay for specific types of losses which may occur. Insurance is a contract (the insurance policy) between one party (the insured) and another (the insurer). The policy states what types of losses are covered, what amounts will be paid for each loss and for all losses, and under what conditions.<\/p>\n

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Guarantees protection against financial loss from malpractice, property liability, fire, burglary and theft, and business interruption.<\/p>\n

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 <\/p>\n","protected":false},"excerpt":{"rendered":"

Financial protection against injury, death, illness, or any of a variety of other losses. The contractual relationship which exists when one party, for a consideration, agrees to reimburse another for loss to a person or thing caused by designated contingencies. The first party is the insurer; the second, the insured; the contract, the insurance policy, […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-64271","post","type-post","status-publish","format-standard","hentry","category-i"],"yoast_head":"\nInsurance - Definition of Insurance<\/title>\n<meta name=\"description\" content=\"Financial protection against injury, death, illness, or any of a variety of other losses.The contractual relationship which exists when one party, for a consideration, agrees to reimburse another for loss to a person or thing caused by designated contingencies. The first party is the insurer; the second, the insured; the contract, the insurance policy, the consideration, the premium; the person or thing, the risk; and the contingency, the hazard or peril. Generally, a formal social device for reducing the risk of losses for individuals by spreading the risk over groups. Insurance characteristically, but not necessarily, involves equitable contributions by the insured, pooling of risks, and the transfer of risks by contract. Insurance may be offered on either a profit or nonprofit basis, to groups or individuals.A method of providing for money to pay for specific types of losses which may occur. Insurance is a contract (the insurance policy) between one party (the insured) and another (the insurer). 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