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Insurable interest
Insurable interestA term which means that any person entering into an insurance contract must stand to lose financially following the loss or damage of an insured item, or an insured event. RELATED TERMS-------------------------------------- Term The period of time during which a contract is in force. Insurance A contract in which payment of premiums covers the insured against something which may, or may not occur. Contract A term of reference describing a unit of trading for a financial or commodity future. Also, the actual bilateral agreement between the buyer and seller of a transaction as defined by an exchange. Loss The opposite of gain. Insured A person or company acquiring insurance. SIMILAR TERMS-------------------------------------- INSULATORS LOCAL 21 Credit Union INSULATORS LOCAL 21 is a credit union with head office in DALLAS, TX Insurance A contract in which payment of premiums covers the insured against something which may, or may not occur. Insurance agent Person who sells insurance policies, for a single insurance company, in return for a commission. Insurance Australia Group Insurance Australia Group is a top Australian corporation in the field of insurance, and its estimated market value is 8,080 million US dollars. INSURANCE Australia Group Limited INSURANCE Australia Group Limited is a large Australian company in the field of Insurance. Their Australian Stock Exchange (ASX) code is IAG. Insurance broker A professional broker who deals in the insurance industry. Insurance carrier broker agent A professional broker who deals in the insurance carrier sector. Insurance claim A claim for reimbursement from the insurance company when the insured has suffered a loss that is covered under an insurance policy. Insurance Corporation of Barbados Insurance Corporation of Barbados is a major insurance company in Barbados. Insurance dividend Money paid annually to policy holders participating in cash value life insurance policies. Insurance policy The document which specifies the details and conditions of cover of an insurance contract together with the premium payable. Insurance premium The amount payable by the insured in return for indemnification against specified risks. Insurance principle The law of averages. Insurance score A rating computed and used by insurance companies that represents the probability of a client filing an insurance claim during his or her coverage. Insurance settlement The payment of proceeds by an insurance company to the insured to settle an insurance claim within the guidelines stipulated in the insurance policy. Insured A person or company acquiring insurance. Insured account A bank or financial account that is insured for the benefit of the depositor, protecting against loss in the event that the savings institution becomes insolvent. Insured bond A municipal bond backed both by the credit of the municipal issuer and by commercial insurance policies. Insured plans Defined benefit pension plans that are guaranteed by life insurance products. Insured trade acceptance A trade acceptance where the buyer's ability to pay is insured. Insurer An authorized company which provides insurance. PREVIOUS AND NEXT TERMS-------------------------------------- Institutional investor A financial institution which invests large amounts of money in the stock, bond and other financial markets. e.g. a pension or insurance fund. Institutionalization The gradual domination of financial markets by institutional investors, as opposed to individual investors. This process has occurred throughout the industrialized world. Institutions Insurance companies, pension funds, trusts, foundations, mutual funds, funds managers, bank investment departments. Instrumentality Notes issued by a federal agency whose obligations are guaranteed by the full-faith-and-credit of the government, even though the agency's responsibilities are not necessarily those of the US government. Instruments Financial securities, such as money market instruments or capital market instruments. Insurable interest Insurance A contract in which payment of premiums covers the insured against something which may, or may not occur. Insurance agent Person who sells insurance policies, for a single insurance company, in return for a commission. Insurance claim A claim for reimbursement from the insurance company when the insured has suffered a loss that is covered under an insurance policy. Insurance dividend Money paid annually to policy holders participating in cash value life insurance policies. Insurance policy The document which specifies the details and conditions of cover of an insurance contract together with the premium payable. 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