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Insurance (1)
INSURANCE (1)

Definitions:

i. [ ~ (against something) ] An arrangement with a company in which you pay them regular amounts of money and they agree to pay the costs, for example, if you die or are ill/sick, or if you lose or damage something.

ii. The practice by which an individual secures financial compensation for a specified loss or damage resulting from risk of any sort, by contract with a company to which he pays regular premiums.

iii. The contract drawn up between an individual, who pays regular premiums, and a company, to secure financial compensation for a specified loss or damage resulting from risk of any sort.
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* All eight elements should be in.


1. No 'small prints'. And, no ambiguity !
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See perfect MORTGAGE.
Below the Line
1. Purposeful and necessary (to emphasize).

2. Fully understood or understandable by the insured.

3. Voluntarily entered into by all the parties concerned.

4. Clear, noble motive(s), on the part of both parties (connect to #1 above and below the line).

5. Terms and conditions are fully complied with, by both parties.
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VALID. CURRENT. LEGAL.


further below the line


1. Not contested later by either party (connect #5 below the line).

2. Serves purpose(s) or achieves objective(s) - risks assumed; rest assured.
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See perfect INSURANCE (2).

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