Insurance is a contract between two parties whereby one party agrees to undertake the risk of another in exchange for consideration known as premium and promises to pay a fixed sum of money to the other party on happening of an uncertain event (death) or after the expiry of a certain period in case of life insurance or to indemnify the other party on happening of an uncertain event in case of general insurance. Any risk that cane be quantified can potentially be insured.
Dictionary of Insurance provides broad coverage of the terminology employed in insurance, including legal and financial terms likely to be used in everyday insurance activities. Containing over 2500 clear, informative definitions of key terms used in life, health, property, casualty, and other types of insurance, it provides a wealth of information for insurance professionals. It is an indispensable guide to practitioners in insurance seeking a quick introduction to, or revision of a topic. Business advisors and other non-specialists will also find it helpful as a starting point on insurance problems.
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