insurance (redirected from Insurance product)

insurance,

n a contract, or policy, whereby, for a stipulated consideration, or premium, one party (the insurer or underwriter) promises to compensate the other (the insured or assured) for loss on a specified subject (insurable interest) by specified perils or risks.

insurance benefits,

n the contractual payout agreed to by the carrier for the policy holder.

insurance carriers,

n.pl the organizations that for a contractual fee underwrite the payment of losses or costs incurred by the policy holder within the conditions of the policy.

insurance, group,

n the type that covers a group of persons, usually employees of a single employer or members of a union local, under one contract for the benefit of the members of the group.

insurance, guaranteed renewable,

n a policy that is renewable at the option of the insured until a stated time, such as the seventieth birthday of the insured. See also noncancellable insurance.

insurance, health,

n the type that provides financial return when the dental professional is unable to practice because of prolonged illness.

insurance, liability,

n insurance protecting the dental professional from financial loss resulting from liability suits.

insurance, life,

n a protective contract providing for compensation to the beneficiaries of the insured.

insurance, malpractice,

n in dentistry, insurance covering accidents or catastrophes that may occur during the performance of professional duties.

insurance, retirement,

n a life insurance that carries, as an additional benefit, payments to the insured when he or she reaches a specific age.

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insurance

animals may be insured for loss of production, or for loss of life. Before insured animals are euthanatized or submitted to surgery or a course of medical treatment it is important that the insurer be consulted to ensure that the contract is not breached and that his or her equity in the asset is not put at unnecessary risk.

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insurance Vox populi A contractual relationship when one party–an insurance company or underwriter, in consideration of a fixed sum–a premium, agrees to pay on behalf another–an insured, or policyholder for covered losses, up to the limits purchased, caused by designated contingencies listed in the policy. See Adoption insurance, Cancer insurance, Catastrophic health insurance, Co-insurance, Comprehensive major medical insurance, Disability insurance, Group insurance, Hospitalization insurance, Indemnity insurance, Major medical insurance, Medical expense insurance, Medicare supplement insurance, National health insurance, Nationalized health insurance, Noncancellable insurance, Personal insurance, Reinsurance, Self-insurance, Workers compensation insurance.