Home > Industry/Domain > Insurance
Insurance
Insurance is a promise of compensation for specific potential future losses in exchange for a periodic payment. Insurance is designed to protect the financial well-being of an individual, company or other entity in the case of unexpected loss. Some forms of insurance are required by law, while others are optional. Agreeing to the terms of an insurance policy creates a contract between the insured and the insurer. In exchange for payments from the insured (called premiums), the insurer agrees to pay the policy holder a sum of money upon the occurrence of a specific event. In most cases, the policy holder pays part of the loss (called the deductible), and the insurer pays the rest. Examples include car insurance, health insurance, disability insurance, life insurance, and business insurance.
0Categories 32802Terms
Add a new termContributors in Insurance
Insurance > ![](/template/termwiki/images/arrow_01.gif)
saddle sores
Sports; Bicycle & electric bicycle
skin problems in the crotch that develop from chafing caused by pedaling action. Sores can range from tender raw spots to boil-like lesions if infection occurs.
steam generator
Energy; Nuclear energy
The heat exchanger used in some reactor designs to transfer heat from the primary reactor coolant system to the secondary (steam system).
tax shelter
Financial services; General Finance
Legal methods taxpayers can use to reduce tax liabilities. An example is the use of depreciation of assets.
NFL Championship
Sports; Football
the game held from 1933 through 1965 to decide the champion of professional football; renamed the Super Bowl in 1966.
frozen rope
Sports; Baseball
A ball hit very low and hard so it has very little arc on it. But the ball is usually hit into the outfield also called a line drive.