Insurance

A contract designed to provide protection against specified types of risk or loss, by paying out to the insured party in the event that the insured loss occurs.

Insurance is generally provided by specialist insurance companies, to whom an insurance premium is paid by the insured in advance.

See also

• Captive insurance company
• Chartered Insurance Institute
• Fixing instrument
• ILS
• Insurable
• Insure
• Option
• Premium
• Risk
• Underwriting