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insurance

Guarding against property loss or damage making payments in the form of premiums to an insurance company, which pays an agreed-upon sum to the insured in the event of loss. Bloomberg Financial Dictionary

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insurance in‧sur‧ance [ɪnˈʆʊərəns ǁ -ˈʆʊr-] noun

1. [countable, uncountable] INSURANCE an arrangement in which a company collects premium S (= regular payments ) from a person or organization and in return agrees to pay them a sum of money if they are involved in an accident, have something stolen, or cause harm or injury to others. The four main classes of insurance are Accident, life, fire, and marine insurance:

• Insurance is the only major financial service regulated by states, rather than the federal government.

insurance against

• Insurance against stealing by employees is a multi-billion dollar expense.

• The insurance covers you against injury to visitors while on your property.

• The company has taken out insurance to indemnify its directors against liability when acting for the Group.

• Can you claim on your household insurance if your bike is stolen?

word focus - insurance

When you want to insure something or take out insurance (= arrange to have it ) , you contact an insurance company or an insurance broker who can sell you an insurance policy. If you are covered (= insured ) against injury, theft, damage, etc you can make a claim (= ask for payment from the insurance company ) if something bad happens. A claimant is someone who does this. An adjuster or loss adjuster is the person whose job is to assess the value of loss or damage when someone hasclaimed on their insurance policy.

ˈaccident inˌsurance

[uncountable] INSURANCE insurance against injury or death caused by an accident

ˌagreed-ˈvalue inˌsurance

[uncountable] INSURANCE insurance against total loss of property or cargo Es where the amount insured is agreed at the start of the period of insurance, rather than calculated after a claim:

• All our policies for sailboats are based on agreed-value insurance, and in the event of a total loss we would pay the sum insured - not the current market value as in motor insurance.

all-ˈrisks inˌsurance also all-ˈloss inˌsurance

[uncountable] INSURANCE insurance against all risks except ones particularly Excluded (= specifically stated as not insured) in the insurance policy

anˈnuity inˌsurance

[uncountable] INSURANCE insurance bought with a lump sum (= one large payment) for which you receive a series of payments for a particular period of time or for the rest of your life. pension S are a form of annuity insurance — see also annuity

ˈautomobile inˌsurance

[uncountable] INSURANCE another name for car insurance:

• Only 40% of personal automobile insurance covers car-rental damage.

aviˈation inˌsurance

[uncountable] INSURANCE insurance for aircraft, their passengers and cargo Es

ˈblanket inˌsurance

[uncountable] INSURANCE insurance for different items of property and buildings, perhaps in more than one place

ˈblock inˌsurance

[uncountable] INSURANCE insurance in which one contract covers several different loads of goods that are being sent somewhere, up to a particular value

ˌbuildings and ˈcontents inˌsurance

[uncountable] INSURANCE PROPERTY another name for household insurance:

• When you borrow to buy a house, it may be compulsory to take out buildings and contents insurance with the lender.

ˌbusiness interˈruption inˌsurance

[uncountable] INSURANCE COMMERCE insurance against financial loss caused by a business not being able to continue its normal activities after an accident, fire etc

ˌbusiness liaˈbility inˌsurance

[uncountable] INSURANCE COMMERCE insurance against damage or injury caused by negligence. Companies take it out to cover injury caused by their products, or negligence by people who work for them:

• Small companies may be unable to obtain business liability insurance.

ˌbusiness ˌlife and ˈhealth inˌsurance [uncountable] INSURANCE COMMERCE

insurance taken out to protect a business against the cost of losing an important employee, partner, owner etc

ˈcar inˌsurance

[uncountable] INSURANCE insurance against a car being stolen, or damage to it and other cars in an accident:

• Neither of them had a driving licence or car insurance, the court was told.

ˈcasualty inˌsurance

[uncountable] INSURANCE COMMERCE insurance against damage to property, negligence by someone employed by a company, and damage caused by a company's products

compreˌhensive inˈsurance

[uncountable] INSURANCE car insurance that covers damage to your own car in an accident, as well as damage and injury to others:

• It may not be worth getting comprehensive insurance for an old car.

conˈtingency inˌsurance

[uncountable] INSURANCE insurance against unusual risks not covered by one of the four main classes of insurance: accident, fire, life, and marine

ˈcredit inˌsurance also conˌsumer ˈcredit inˌsurance

[uncountable] INSURANCE insurance taken out by borrowers paying back loans, that covers illness, losing their job and other events that may prevent them making the regular payments:

• He started the idea of credit insurance for car buyers making installment payments.

declaˈration inˌsurance

[uncountable] INSURANCE COMMERCE insurance against loss or damage to goods, where the insured person informs the insurer of the value of these goods every month, and the cost of insuring them is based on their average value during the year

deˈposit inˌsurance [uncountable] INSURANCE BANKING

insurance that protects people with money held in a bank account against the risk of the bank going bankrupt. The money for deposit insurance is paid by banks to a central organization, in the US the Federal Deposit Insurance Corporation

disaˈbility inˌsurance

[uncountable] INSURANCE COMMERCE insurance against someone not being able to work through illness or an accident, often taken out by employers to cover their workers, especially in the US

ˌdouble inˈsurance [uncountable] INSURANCE

when the same thing is insured with two different insurers, and where, if there is a claim, each insurer pays a part

enginˈeering inˌsurance

[uncountable] INSURANCE MANUFACTURING insurance against failure of industrial machinery

ˈexport inˌsurance

[uncountable] INSURANCE COMMERCE insurance against an importer not paying for goods etc they have received

fiˈdelity inˌsurance

[uncountable] INSURANCE HUMAN RESOURCES insurance against the results of dishonest acts or mistakes by people who work for a company, or against breach of contract

ˈfire inˌsurance

[uncountable] INSURANCE insurance against loss or damage caused by fire

ˌfloating inˈsurance also ˌopen inˈsurance

[uncountable] INSURANCE TRANSPORT insurance covering goods being sent somewhere up to a particular value, a form of declaration open

ˈflood inˌsurance

[uncountable] INSURANCE PROPERTY insurance against damage to property by flooding from a river or a sea storm

ˈgroup inˌsurance

[uncountable] INSURANCE when a group of people, for example people who work for a company, are covered by one insurance contract:

• the sale of group insurance to organizations of doctors and other professionals

ˈhealth inˌsurance [uncountable] INSURANCE

insurance that will pay for someone's medical treatment if they are ill or injured, often taken out by employers for people who work for them, especially in the US:

• These measures would protect people with health problems from losing their health insurance if they change jobs.

ˈhomeowner's inˌsurance

[uncountable] INSURANCE PROPERTY the US name for household insurance:

• Buying a home identifies a person as a good candidate for life insurance, homeowner's insurance and banking services.

ˈhousehold inˌsurance

[uncountable] INSURANCE PROPERTY insurance against damage to a building and against damage or loss of things it contains; = BUILDINGS AND CONTENTS INSURANCE:

• Will your household insurance pay for the damage if you spill a can of paint over your carpet?

ˈincome inˌsurance also ˌincome proˈtection inˌsurance [uncountable] INSURANCE

insurance that pays out when someone is not working, for example because they are ill or unemployed

inˌdustrial ˈinjuries inˌsurance

[uncountable] INSURANCE in Britain, government insurance for people injured or made seriously ill at work

liaˈbility inˌsurance

[uncountable] INSURANCE COMMERCE insurance against damage or injury caused by negligence. Professional people take out liability insurance to cover claims made against them by clients, and companies take it out to cover injury caused by their products, or negligence by people who work for them:

• Liability insurance can be hard to obtain for small companies.

ˈlife inˌsurance

[uncountable] INSURANCE insurance that pays out an amount when someone dies, or, with an endowment when someone reaches a particular age or dies; = LIFE ASSURANCE:

• Life insurers will pay a total of $20 billion in AIDS death claims under individual life insurance policies by the end of the decade.

maˈrine inˌsurance

[uncountable] INSURANCE TRANSPORT insurance for ships and their Cargoeses:

• The pollution cleanup from the Exxon Valdez was the largest single claim ever paid by the London marine insurance market.

ˈmedical inˌsurance

[uncountable] INSURANCE another name for health insurance

ˌmortgage proˈtection inˌsurance , ˈmortgage inˌsurance

[uncountable] INSURANCE PROPERTY insurance against not being able to make repayments on a mortgage (= a loan to buy a house):

• The building society requires clients to take out its mortgage protection insurance.

ˈmotor inˌsurance

[uncountable] INSURANCE another name for car insurance:

• high motor insurance premiums for young people in inner cities

ˌnational inˈsurance also National Insurance written abbreviation NI

[uncountable] the British system of social insurance:

• Many part-time workers will not have been earning enough to pay national insurance, so will not qualify for unemployment benefit.

ˌopen inˈsurance

[uncountable] INSURANCE TRANSPORT another name for floating insurance

ˌproperty and liaˈbility inˌsurance

[uncountable] INSURANCE COMMERCE another name for casualty insurance

ˌsocial inˈsurance

[uncountable] a system of insurance managed by a government where employers and people who work for them make regular payments, so that workers can receive money when they are ill, unemployed etc:

• In 1930 a scheme for social insurance was implemented in France, covering pensions, sickness and family allowances.

ˈterm inˌsurance

[uncountable] INSURANCE life insurance where the insurer only pays out if the insured person dies during the period of the insurance

third ˌparty, ˌfire and ˈtheft inˌsurance

[uncountable] INSURANCE a type of car insurance that only covers injury to other people and damage to other cars in an accident, damage to your own car by fire, and theft of your own car:

• If you only have third party, fire and theft insurance, taking out additional cover is recommended if you travel abroad.

ˈtravel inˌsurance

[uncountable] INSURANCE TRAVEL insurance for travellers against illness, accidents, loss of bags etc:

• 20 million holidaymakers took out travel insurance policies last year.

unemˈployment inˌsurance

[uncountable] INSURANCE in the US, insurance for people who lose their jobs:

• The percentage of jobless people getting unemployment insurance payments has fallen over the years.

ˈvalued inˌsurance

[uncountable] INSURANCE another name for agreed-value insurance

whole-ˈlife inˌsurance

[uncountable] INSURANCE life insurance where the insurer pays out only when the insured person dies — compare endowment policy ➔ insurance policy

2. [uncountable] INSURANCE the money paid regularly to an insurance company; = INSURANCE PREMIUM:

• We have paid home insurance for the last 25 years and have never made a claim.

3. insurances [plural] FINANCE shares in insurance companies:

• Mining stocks advanced and insurances also did well.

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insurance UK US /ɪnˈʃʊər^əns/ noun

► [C or U] INSURANCE an agreement in which you pay a company money, either in one payment or in regular payments, and they pay your costs, for example, if you lose or damage something, or have an accident, injury, etc.: »car/holiday/home/health, etc. insurance
»an insurance plan/policy
»to buy/sell insurance
»insurance contributions/payments/premiums
insurance against sth »You can take out insurance against employee injury.
offer/provide/refuse insurance »Have you ever been refused car insurance in the past?
arrange/obtain/take out insurance »You must make sure you take out insurance on the contents of your house.
have insurance »Ensure you have sufficient insurance to cover the cost of replacing your valuables.
be covered by (the) insurance »Unfortunately, stolen personal belongings are not covered by the insurance.
claim on the/your insurance »I claimed on the insurance for the damage to the furniture.
insurance pays for sth/covers sb/sth »This insurance covers the cost of their mortgage but they are considering more life cover.
»Most insurances won't cover you if you take part in any dangerous sporting activities.

► [U] INSURANCE the business of selling insurance: »He's worked in insurance for over 20 years.
» the insurance industry
»an insurance company

► [U] INSURANCE money that is paid to an insurance company: »They ask for 8% extra from customers who pay insurance by direct debit instead of as a lump sum.

► [U] INSURANCE money that is paid by an insurance company: »I had to cancel the trip, but I got back nearly $1000 in insurance.

► [U or plural] STOCK MARKET shares in insurance companies: »Insurances were given a new lease of life as the market's strength helped to allay solvency margin fears.

→ See also ACCIDENT INSURANCE(Cf. ↑accident insurance), AGREED VALUE INSURANCE(Cf. ↑agreed value insurance), ALL-LOSS(Cf. ↑all-loss), ALL-RISKS(Cf. ↑all-risks), ANNUITY INSURANCE(Cf. ↑annuity insurance), AUTOMOBILE INSURANCE(Cf. ↑automobile insurance), AVIATION INSURANCE(Cf. ↑aviation insurance), BLANKET INSURANCE(Cf. ↑blanket insurance), BLOCK INSURANCE(Cf. ↑block insurance), BUILDINGS AND CONTENTS INSURANCE(Cf. ↑buildings and contents insurance), BUSINESS INTERRUPTION(Cf. ↑business interruption), BUSINESS LIABILITY INSURANCE(Cf. ↑business liability insurance), BUSINESS LIFE AND HEALTH INSURANCE(Cf. ↑business life and health insurance), CAR INSURANCE(Cf. ↑car insurance), CASUALTY INSURANCE(Cf. ↑casualty insurance), COMPREHENSIVE INSURANCE(Cf. ↑comprehensive insurance), CONSUMER CREDIT INSURANCE(Cf. ↑consumer credit insurance), CONTINGENCY INSURANCE(Cf. ↑contingency insurance), CREDIT INSURANCE(Cf. ↑credit insurance), DEPOSIT INSURANCE(Cf. ↑deposit insurance), DISABILITY INSURANCE(Cf. ↑disability insurance), DOUBLE INSURANCE(Cf. ↑double insurance), ENGINEERING INSURANCE(Cf. ↑engineering insurance), EXPORT INSURANCE(Cf. ↑export insurance), FIDELITY INSURANCE(Cf. ↑fidelity insurance), FIRE INSURANCE(Cf. ↑fire insurance), FLOATING POLICY(Cf. ↑floating policy), FLOOD INSURANCE(Cf. ↑flood insurance), GENERAL INSURANCE(Cf. ↑general insurance), GROUP INSURANCE(Cf. ↑group insurance), HEALTH INSURANCE(Cf. ↑health insurance), HOME INSURANCE(Cf. ↑home insurance), HOMEOWNER'S INSURANCE(Cf. ↑homeowner's insurance), HOUSEHOLD INSURANCE(Cf. ↑household insurance), INCOME INSURANCE(Cf. ↑income insurance), INCOME PROTECTION INSURANCE(Cf. ↑income protection insurance), INDUSTRIAL INJURIES INSURANCE(Cf. ↑industrial injuries insurance), LIABILITY INSURANCE(Cf. ↑liability insurance), LIFE INSURANCE(Cf. ↑life insurance), MARINE INSURANCE(Cf. ↑marine insurance), MEDICAL INSURANCE(Cf. ↑medical insurance), MORTGAGE INDEMNITY INSURANCE(Cf. ↑mortgage indemnity insurance), MORTGAGE PROTECTION INSURANCE(Cf. ↑mortgage protection insurance), MOTOR INSURANCE(Cf. ↑motor insurance), NATIONAL INSURANCE(Cf. ↑national insurance), OPEN INSURANCE(Cf. ↑open insurance), PROPERTY AND LIABILITY INSURANCE(Cf. ↑property and liability insurance), SELF-INSURANCE(Cf. ↑self-insurance), SOCIAL INSURANCE(Cf. ↑social insurance), TERM INSURANCE(Cf. ↑term insurance), THIRD PARTY, FIRE AND THEFT(Cf. ↑third party, fire and theft), TRAVEL INSURANCE(Cf. ↑travel insurance), UNEMPLOYMENT INSURANCE(Cf. ↑unemployment insurance), VALUED INSURANCE(Cf. ↑valued insurance), WHOLE-OF-LIFE(Cf. ↑whole-of-life)

Financial and business terms. 2012.