What is Insurance?

05:14
In this post I will be sharing with you different definitions of Insurance and Engineering Insurance

What is Insurance?

Insurance can simple be define as a pool of risk.

Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for money. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss.

You May Read: Electrical Contractors Insurance

Insurance is a special type of contract between an insurance company and its client in which the insurance company agrees that on the happening of certain events the insurance company will either make payment to its client or meet certain costs.

Insurance is an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium.

an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium.

A promise of compensation for specific potential future losses in exchange for a periodic payment.

Insurance, in the simplest terms, means you pay a lump sum to get a leverage or protection against an incident of a large magnitude

Now knowing what is insurance than what is engineering insurance

What is Engineering Insurance?

Engineering insurance refers to the insurance that provides economic safeguard to the risks faced by the ongoing construction project, installation project, and machines and equipment in project operation.

Tags:

contractor insurance, contractor liability insurance, contractors all risk insurance, contractors insurance, contractors liability insurance  engineer insurance, engineering insurance, engineers insurance, insurance for engineers, professional engineer insurance, professional indemnity insurance, professional insurance, professional liability insurance cost, professional liability insurance

You May Read: 

T-Mobile insurance  T-Mobile Insurance Claim  T-Mobile Insurance Coverage

How to File a Cell Phone Claim with Asurion   T-Mobile Customer Service Phone Number    A Guide to Mobile Phone Insurance   Samsung Insurance

Mobile Phone Insurance    HTC Mobile Phone Insurance   

Share this

Related Posts

Previous
Next Post »
.