insurance legal definition

An agreement by an insurer to provide compensation or another benefit upon the occurrence of a specified risk causing harm to property or the person of an insured.

Insurance for loss or injury to person or property.

Insurance which protects against loss, as opposed to insurance against oneÂ’s liability to others.

Insurance which protects against oneÂ’s liability to others, as with automobile insurance that provides coverage for accidents in which the policyholder is at fault, or homeownersÂ’ insurance, which provides coverage for injury to those who are injured while on the homeownerÂ’s property.

Insurance for loss of life.