"Insurance" is a word in LAW AND LEGAL, ENGLISH
A contract whereby, for a stipulated consideration, one party undertakes to compensate the other for loss on a specified subject by specified perils. The party agreeing to make the compensation is usually called the “insurer" or "underwrit-er;” the other, the "insured" or “assured;” the agreed consideration, the “premium;” the written contract, a “policy;” the events insured against, “risks" or “perils;” and the subject, right, or interest to be protected, the “insurable interest" 1 Phil. Ins. §§ 1-5
The premium paid for insuring property or life.
A guaranty, security, or pledge; assurance.
The sum for which life or property is insured.
The act of insuring, or assuring, against loss or damage
by a contingent event; a contract whereby, for a stipulated
consideration, called premium, one party undertakes to indemnify or
guarantee another against loss by certain specified risks. Cf.
Assurance, n., 6.
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