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insurance

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insurance


  3  definitions  found 
 
  From  Webster's  Revised  Unabridged  Dictionary  (1913)  [web1913]: 
 
  Insurance  \In*sur"ance\,  n.  [From  {Insure}.] 
  1.  The  act  of  insuring,  or  assuring,  against  loss  or  damage 
  by  a  contingent  event;  a  contract  whereby,  for  a 
  stipulated  consideration,  called  premium,  one  party 
  undertakes  to  indemnify  or  guarantee  another  against  loss 
  by  certain  specified  risks.  Cf  {Assurance},  n.,  6. 
 
  Note:  The  person  who  undertakes  to  pay  in  case  of  loss  is 
  termed  the  insurer;  the  danger  against  which  he 
  undertakes,  the  risk;  the  person  protected,  the 
  insured;  the  sum  which  he  pays  for  the  protection,  the 
  premium;  and  the  contract  itself  when  reduced  to  form 
  the  policy.  --Johnson's  Cyc. 
 
  2.  The  premium  paid  for  insuring  property  or  life. 
 
  3.  The  sum  for  which  life  or  property  is  insured. 
 
  4.  A  guaranty,  security,  or  pledge;  assurance.  [Obs.] 
 
  The  most  acceptable  insurance  of  the  divine 
  protection.  --Mickle. 
 
  {Accident  insurance},  insurance  against  pecuniary  loss  by 
  reason  of  accident  to  the  person. 
 
  {Endowment  insurance}  or  {assurance},  a  combination  of  life 
  insurance  and  investment  such  that  if  the  person  upon 
  whose  life  a  risk  is  taken  dies  before  a  certain  specified 
  time  the  insurance  becomes  due  at  once,  and  if  he 
  survives,  it  becomes  due  at  the  time  specified. 
 
  {Fire  insurance}.  See  under  {Fire}. 
 
  {Insurance  broker},  a  broker  or  agent  who  effects  insurance. 
 
 
  {Insurance  company},  a  company  or  corporation  whose  business 
  it  is  to  insure  against  loss  damage,  or  death. 
 
  {Insurance  policy},  a  certificate  of  insurance;  the  document 
  containing  the  contract  made  by  an  insurance  company  with 
  a  person  whose  property  or  life  is  insured. 
 
  {Life  insurance}.  See  under  {Life}. 
 
  From  WordNet  r  1.6  [wn]: 
 
  insurance 
  n  1:  promise  of  reimbursement  in  the  case  of  loss  paid  to  people 
  or  companies  so  concerned  about  hazards  that  they  have 
  made  prepayments  to  an  insurance  company  [syn:  {coverage}] 
  2:  written  contract  or  certificate  of  insurance;  "you  should 
  have  read  the  small  print  on  your  policy"  [syn:  {policy}, 
  {insurance  policy}] 
  3:  protection  against  future  loss  [syn:  {indemnity}] 
 
  From  THE  DEVIL'S  DICTIONARY  ((C)1911  Released  April  15  1993)  [devils]: 
 
  INSURANCE,  n.  An  ingenious  modern  game  of  chance  in  which  the  player 
  is  permitted  to  enjoy  the  comfortable  conviction  that  he  is  beating 
  the  man  who  keeps  the  table. 
 
  INSURANCE  AGENT:  My  dear  sir,  that  is  a  fine  house  --  pray  let  me 
  insure  it 
  HOUSE  OWNER:  With  pleasure.  Please  make  the  annual  premium  so 
  low  that  by  the  time  when  according  to  the  tables  of  your 
  actuary,  it  will  probably  be  destroyed  by  fire  I  will  have 
  paid  you  considerably  less  than  the  face  of  the  policy. 
  INSURANCE  AGENT:  O  dear,  no  --  we  could  not  afford  to  do  that 
  We  must  fix  the  premium  so  that  you  will  have  paid  more 
  HOUSE  OWNER:  How  then,  can  _I_  afford  _that_? 
  INSURANCE  AGENT:  Why,  your  house  may  burn  down  at  any  time. 
  There  was  Smith's  house,  for  example,  which  -- 
  HOUSE  OWNER:  Spare  me  --  there  were  Brown's  house,  on  the 
  contrary,  and  Jones's  house,  and  Robinson's  house,  which  -- 
  INSURANCE  AGENT:  Spare  _me_! 
  HOUSE  OWNER:  Let  us  understand  each  other  You  want  me  to  pay 
  you  money  on  the  supposition  that  something  will  occur 
  previously  to  the  time  set  by  yourself  for  its  occurrence.  In 
  other  words  you  expect  me  to  bet  that  my  house  will  not  last 
  so  long  as  you  say  that  it  will  probably  last 
  INSURANCE  AGENT:  But  if  your  house  burns  without  insurance  it 
  will  be  a  total  loss 
  HOUSE  OWNER:  Beg  your  pardon  --  by  your  own  actuary's  tables  I 
  shall  probably  have  saved,  when  it  burns,  all  the  premiums  I 
  would  otherwise  have  paid  to  you  --  amounting  to  more  than  the 
  face  of  the  policy  they  would  have  bought.  But  suppose  it  to 
  burn,  uninsured,  before  the  time  upon  which  your  figures  are 
  based.  If  I  could  not  afford  that  how  could  you  if  it  were 
  insured? 
  INSURANCE  AGENT:  O,  we  should  make  ourselves  whole  from  our 
  luckier  ventures  with  other  clients.  Virtually,  they  pay  your 
  loss 
  HOUSE  OWNER:  And  virtually,  then,  don't  I  help  to  pay  their 
  losses?  Are  not  their  houses  as  likely  as  mine  to  burn  before 
  they  have  paid  you  as  much  as  you  must  pay  them?  The  case 
  stands  this  way:  you  expect  to  take  more  money  from  your 
  clients  than  you  pay  to  them  do  you  not? 
  INSURANCE  AGENT:  Certainly;  if  we  did  not  -- 
  HOUSE  OWNER:  I  would  not  trust  you  with  my  money.  Very  well 
  then.  If  it  is  _certain_,  with  reference  to  the  whole  body  of 
  your  clients,  that  they  lose  money  on  you  it  is  _probable_, 
  with  reference  to  any  one  of  them  that  _he_  will  It  is 
  these  individual  probabilities  that  make  the  aggregate 
  certainty. 
  INSURANCE  AGENT:  I  will  not  deny  it  --  but  look  at  the  figures  in 
  this  pamph  -- 
  HOUSE  OWNER:  Heaven  forbid! 
  INSURANCE  AGENT:  You  spoke  of  saving  the  premiums  which  you  would 
  otherwise  pay  to  me  Will  you  not  be  more  likely  to  squander 
  them?  We  offer  you  an  incentive  to  thrift. 
  HOUSE  OWNER:  The  willingness  of  A  to  take  care  of  B's  money  is 
  not  peculiar  to  insurance,  but  as  a  charitable  institution  you 
  command  esteem.  Deign  to  accept  its  expression  from  a 
  Deserving  Object. 
 
 




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