A system under which individuals, businesses and other organizations, in exchange for a premium, are promised payment for losses resulting from certain dangers as specified in a contract.
See Also
Insurance Company: An organization licensed to operate as an insurer.
Insurance Policy: The legal document issued by the company to the policyholder (Purdue) which outlines the terms and conditions of the insurance; also called a “contract.”
Insured: A person or organization covered by an insurance policy.
