Quick Answer: What Is Insurance One Word?

What is insurance simple words?

Insurance is a term in law and economics.

It is something people buy to protect themselves from losing money.

In exchange for this, if something bad happens to the person or thing that is insured, the company that sold the insurance will pay the money back..

What is the word insurance mean?

Insurance 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.

What is insurance and its type?

Insurance is a legal agreement between two parties i.e. the insurance company (insurer) and the individual (insured). In this, the insurance company promises to make good the losses of the insured on happening of the insured contingency. … The insured pays a premium in return for the promise made by the insurer.

What is insurance class 11?

Insurance Insurance is a contract between the insurer and insured in which insurer agree to make good the loss of insured on happening of an event in consideration of a regular payment called premium. (i) Functions. (a) Protection. (b) Distribution of risk.

What is another name for insurance agent?

•insurance agent (noun) underwriter, insurance broker.

What’s another word for guarantee?

What is another word for guarantee?assurancepledgepromisewordcontractcovenantoathvowwarrantyaffirmation64 more rows

What is another word for insurance?

In this page you can discover 28 synonyms, antonyms, idiomatic expressions, and related words for insurance, like: coverage, protection, security, support, assurance, guarantee, backing, allowance, safeguard, warranty and policy.

What are the 7 types of insurance?

7 Types of InsuranceLife Insurance or Personal Insurance.Property Insurance.Marine Insurance.Fire Insurance.Liability Insurance.Guarantee Insurance.Social Insurance.

What is the important of insurance?

Insurance generates significant impact on the economy by mobilizing domestic savings. … Insurance enables to mitigate loss, financial stability and promotes trade and commerce activities those results into economic growth and development. Thus, insurance plays a crucial role in sustainable growth of an economy.

What is a insurance premium?

The amount you pay for your health insurance every month. In addition to your premium, you usually have to pay other costs for your health care, including a deductible, copayments, and coinsurance. If you have a Marketplace health plan, you may be able to lower your costs with a premium tax credit.

What is the opposite of insurance?

▲ Opposite of protection from harm, damage, loss, or theft. distrust. doubt.

What is the difference between insurer and insured?

1) An insurance policy is a contract between the insurer and the insured. 2) The insured is the person whose life is being covered against the risk under the policy. 3) The insurer is the insurance company that provides the insurance cover.

Who is a Insurer?

The insurer is the company that pays out that compensation. … The word “insurer” is usually interchangeable with “underwriter.” An insurance policy is a promise to reimburse the policyholder for a loss; insurers are responsible for fulfilling that promise. Often, you buy your insurance policy directly from an insurer.

What are the 4 types of insurance?

Different Types of General InsuranceHome Insurance. As the home is a valuable possession, it is important to secure your home with a proper home insurance policy. … Motor Insurance. Motor insurance provides coverage for your vehicle against damage, accidents, vandalism, theft, etc. … Travel Insurance. … Health Insurance.

What are the 5 types of insurance?

What Are the 5 Types of Insurance You Need?Auto Insurance.Home Insurance.Health Insurance.Disability Insurance.Life Insurance.The Bottom Line.