Insurance: (1) A contract whereby one undertakes to indemnify another or pay a specified amount upon determinable contingencies. (2) A device for the transfer of the risks of individual entities to an insurance company, which agrees, for a consideration, to assume to a specified extent, losses suffered by the insured.
(To this definition, the Commission on Terminology adds this comment: "Notice might be taken of such characteristics of insurance as equitable contributions by insured, pooling or risks, and effecting of transfer by contract, but these are not felt to be an important part of the definition, however important they may be for an extended explanation of the business.")

Showing Insurance from ""Hold Harmless" Clause" to "Annuity Beneficiary"

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