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In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language.
An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. The insurance transaction involves the policyholder assuming a guaranteed, known, and ...
General insurance is typically defined as any insurance that is not determined to be life insurance. It is called property and casualty insurance in the United States and Canada and non-life insurance in Continental Europe. In the United Kingdom, insurance is broadly divided into three areas: personal lines, commercial lines and London market.
The specific uses of the terms "insurance" and "assurance" are sometimes confused. In general, in jurisdictions where both terms are used, "insurance" refers to providing coverage for an event that might happen (fire, theft, flood, etc.), while "assurance" is the provision of coverage for an event that is certain to happen. In the United States ...
It should only contain pages that are Types of insurance or lists of Types of insurance, as well as subcategories containing those things (themselves set categories). Topics about Types of insurance in general should be placed in relevant topic categories .
There are two main types of life insurance policies: Term and Permanent. Term Life Insurance Policies . Term life insurance provides temporary coverage for a specific period, usually ranging from ...
Term life insurance premiums are usually cheaper than permanent life insurance premiums. That’s because a term policy covers you for a certain time period rather than your entire life, and your ...
The following terms are in everyday use in financial regions, such as commercial business and the management of large organisations such as corporations. Noun phrases