Insurance

A contract whereby, for an agreed premium, one party undertakes to indemnify the other aga,inst loss on a specified subject by specified perils. The party agreeing to make the indemnity is usually called the "insurer" or "underwriter;" 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.

Called, also, "assurance." Insurance is classified according to the nature of the risk insured against, or the nature of the property insured, the principal sorts being (1) fire insurance, being against injury to property by fire; (2) life insurance, being against injury by the death of one in whose interest the assured has a pecuniary interest; (3) marine insurance, being against injury to vessels or their cargo by any peril of navigation; and (4) Many other varieties, however, have become common in recent years, as against injury to crops by hail; against loss by defalcation; against defects of title to land, etc.