Definitions of insurance on the Web:

2007-10-31T23:48:00.000-07:00

promise of reimbursement in the case of loss; paid to people or companies so concerned about hazards that they have made prepayments to an ...

policy: written contract or certificate of insurance; "you should have read the small print on your policy"

indemnity: protection against future loss
wordnet.princeton.edu/perl/webwn

Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a potential loss, from one entity to another, in exchange for a premium. ...
en.wikipedia.org/wiki/Insurance

a system to protect persons against the risks of financial loss by transferring the risks to a large group who share the financial losses
www.millerandzois.com/Maryland-Insurance-Glossary.html

Plan in which individuals and organization who are concerned about potential risks will pay premiums to an insurance company, who in return, will reimburse them if there is loss. To generate a profit, the insurer will invest the premiums it receives. ...
pershing-cib.ibanking-services.com/mellon/invest_glosry_IneIns.htm

For drivers 25 years and over, the insurance excess* is from NZ $1,000 + GST. Specialty vehicles may be subject to a higher excess*. This excess may be reduced at the Manager's discretion. (Please enquire on booking) A single vehicle accident will be subject to an excess* from $2,000 + GST. ...
www.carrentalstauranga.co.nz/terms-conditions.php

A side agreement when someone is all-in for a player in a pot to put up money that guarantees a payoff of a set amount in case the opponent wins the pot.
www.homepokertourney.com/poker-glossary.htm

A contract that provides compensation for specific losses in exchange for a periodic payment. An individual contract is known as an insurance policy, and the periodic payment is known as an insurance premium.
www.warrenbrothers.ca/RealEstateTerminology.php

In BLACKJACK, bet made to protect your hand against dealer's BLACKJACK.
www.casino-wager-online.com/casino-terms.html

A contract of indemnity against specified perils.
www.centralarkansastitle.com/glossary.htm

A contract in which one party agrees to compensate another party for any losses or damages caused by risks identified in the contract in exchange for the payment of a lump sum or periodic amounts of money to the first party.
www.dreamsintorealty.biz/index.cfm/fuseaction/terms.list/letter/I/contentid/BD03506D-9E28-4661-95C36DCFB79ED020

The contractual transfer of the financial consequences of loss.
www.expertins.com/glossery.cfm

to a named overseas port where the seller quotes a price for the goods (including insurance), all transportation, and miscellaneous charges to the point of debarkation from the vessel. (Used only for ocean shipments.)
www.unzco.com/basicguide/c11.html

Trip cancellation, health, accident and baggage insurance is available on an optional basis. Trip cancellation coverage provides for reimbursement of pre-paid, non-refundable travel arrangements in the event that death, accident or sickness of the insured or his/her immediate family prevents him ...
www.michigansportstours.com/rose-terms.php

If you are a US or Canadian resident and have auto insurance coverage that covers rentals and you have full coverage (liability, comprehensive, and collision) you will need to provide us with your insurance information prior to the rental so the coverage can be verified. ...
www.northeastcampers.com/terms.html

A pricing term indicating that these costs are included in the quoted price.
www.priority-one.com/Glossary.htm

A contract in which one party agrees to pay for another party's financial loss resulting from a specified event (for example, a collision, theft, or storm damage). ...
www.federalreserve.gov/pubs/leasing/glossary.htm

A legal agreement with an insurance company that provides for reimbursement in the case of damage or theft to collateral. Wachovia Dealer Services requires you to maintain insurance on the vehicle you purchase.
https://eservices.wachoviadealer.com/CMS/Help/glossary.htm

A pricing term indicating that the cost of the goods, insurance, and freight are included in the quoted price.
www.usaexportimport.com/glossary.php

VOX does not provide any insurance. Therefore it is the responsibility of the Customer to insure himself properly in dependence on a sort of planned activities and especially in respect to the ordered Services. ...
www.stag-bratislava.com/terms_and_conditions

Protection against loss. The insured sacrifices a small certain loss (the premium) for protection against a large uncertain loss (eg an accident fire or death). The insurance company assumes the risk by employing the law of large numbers and the principle of risk spreading.
www.bizadvisor.org/

A contract providing for financial protection against a loss. For example, a homeowner’s insurance policy provides for reimbursement if the owner suffers a loss due to fire or a number of other causes.
woodmoorsite.com/glossary.html

The purchaser must have fire insurance arranged and in effect before the transaction can be closed. A certificate from the insurance company may be required at the closing.
www.brantrealty.com/htdoc/glossary.shtml

All our prices include GST, unlimited kilometres, AA breakdown service and a full comprehensive insurance.
www.carhirenewzealand.net.nz/terms&conditions.html

Passengers/tourist/clients must make arrangements for adequate insurance cover. It is recommended that visitors ensure that they have adequate cover for baggage, personal accident, medical insurance and loss of deposit through cancellation.
www.antsevents.com/Terms%20&%20Conditions.htm

a player can buy insurance is the dealer s up card is an ace. Insurance is a side bet that the dealer will get Blackjack and is only paid if the dealer gets Blackjack.
www.blackjackfiles.com/blackjack-glossary.php

As a part of PITI, the amount of the monthly mortgage payment that does not include the principal, interest, and taxes. Also see: homeowners insurance. interest rate - The simple interest rate, stated as a percentage, charged by a lender on the principal amount of borrowed money. ...
www.georgiamortgagebrokers.net/glossary.html

11. Subject to the exclusions set out below, the hirer and any driver authorised to drive the vehicle is fully indemnified in respect of any liability he might have to the owner in respect of the loss or damage to the vehicle and its accessories and spare parts and any consequential loss of ...
www.firstchoice.co.nz/portal.asp

Insurance overview :: From the mundane (household contents) to the downright bizarre (pet insurance)

2007-10-31T23:39:00.000-07:00

What is it?

In simple terms, insurance allows someone who suffers a loss or accident to be compensated for the effects of their misfortune. It lets you protect yourself against everyday risks to your health, home and financial situation.

There are many different types of insurance:

You are unlikely to need every single one of these, so read around, choose carefully and remember to read the small print.

Travel: Holidays can be dangerous occasions - especially abroad. If someone falls ill it is much more difficult than it would be at home to cope with the situation. Medical treatment is expensive. More here.
Household contents and building insurance: Contents insurance covers the contents of a home such as furniture, carpets, clothes, television, refrigerators, jewellery and so on. In other words, what you would take with you if you moved. Buildings insurance protects against damage to the actual structure of the home and to its fixtures and fittings. Contents and buildings policies can be bought separately or together in one package. More here.
Car insurance: Most people know something about motor insurance. This is because any vehicle driven on public roads must have a certain level of insurance. The Road Traffic Act ensures that drivers must meet liabilities they incur should they injure other people or cause damage in an accident. More here.
Life insurance: A means of providing for your dependents should you die early, but also a way to save cash through endowment policies or similar.
Private medical insurance: This covers the costs of private medical treatment for curable short-term illness or injury. It means that should you become ill you could be treated immediately privately rather than being put on an NHS waiting list. More here.
Critical illness insurance: This allows you to insure your income/ health were you to become too ill to work later on in life, and protects any dependents/ loved ones from the financial consequences of such unexpected events. More here.
Accident, sickness and unemployment cover: According to Moneyextra: "In 1999, 30,000 properties were re-possessed by mortgage lenders... Many lost their homes because they could no longer afford to pay their mortgage payments through an accident, sickness or unemployment." If you are planning on buying a house it may be sensible to think about getting some mortgage payment protection insurance.
Pet insurance: This basically helps you foot the vet's bills if your pet gets poorly. By paying regularly into an insurance policy it means you have paid for the bill gradually rather than having to find the money for a steep bill when you can least afford it. More here.

Excess charges

Insurance policies often have hidden costs and hard-to-understand small print. Look out for excess charges, as they won't always pay the first £50 or more of an insurance claim.

What do all the words mean?

Don't know your underwriter from your write-off? Visit BBC Watchdog for a quick glossary.

How do I make an insurance claim?

Keep any evidence: Depending on the situation either get the names and addresses of any witnesses, keep any relevant receipts, or take photographs.
Contact the broker/ insurer: Give them a ring then follow up with a letter, keeping a copy for yourself. They should send you a claim form, which you should fill out and send back ASAP. Send 2-3 professional estimates for the repairs with the form.
Help with your claim.

Who can I complain to?

If you aren't happy with the way your insurance company is acting you can contact the financial ombudsman service who offer a free, independent service for resolving disputes with insurance firms.

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