ETYM Old Eng. assuraunce, French assurance, from assurer. Related to Assure.
1. A British term for some kinds of insurance.
2. A binding commitment to do or give or refrain from something; SYN. pledge.
3. A statement intended to inspire confidence.
4. Freedom from doubt; belief in oneself and one's abilities; SYN. self-assurance, confidence, self-confidence, authority, sureness.
An act of avouching; avowal.
ETYM Old Fren. guarantie, garantie, French garantie, Old Fren. guarantir, garantir, to warrant, to guaranty, Eng. garantir, from Old Fren. guarant, garant, a warranter, French garant; of German origin, and from the same word as warranty. Related to Warrant, Warranty, Guarantee.
ETYM Latin indemnitas, from indemnis uninjured: cf. French indemnité. Related to Indemnify.
1. Legal exemption from liability for damages.
2. Protection against future loss; SYN. insurance.
In law, an undertaking to compensate another for damage, loss, trouble, or expenses, or the money paid by way of such compensation—for example, under fire insurance agreements.
In some laws, government officials are protected from paying indemnities and as such are “indemnified”. Similarly directors of nonprofit corporations may be indemnified or corporations may indemnify their officers and directors by the purchase of insurance.
ETYM From Insure.
Contract guaranteeing compensation to the payer of periodic premiums against loss (under stipulated conditions) by fire, death, accident, and the like. Various consumer policies also insure legal or health services, paying bills or portions thereof, within the contracted conditions. Insurance is a major component of business activity, covering potential loss of property, inventory, or goods in transit.
Promise of reimbursement in the case of loss; paid to people or companies so concerned about hazards that they have made prepayments to an insurance company; SYN. coverage.
During the Gulf War between Iran and Iraq 1987–88, it was the refusal of insurance companies to cover losses sustained by acts of war that dissuaded oil tankers from passing through the zone of hostilities.
ETYM Latin provisio: cf. French provision. Related to Provide.
1. A stipulated condition; SYN. proviso.
2. The activity of supplying or providing something; SYN. providing, supply, supplying.
Money set aside by a company to pay for tax or dividend payments that it will have to pay in the future.
A company may use its provisions to add to its working capital, effectively borrowing the money it owes rather than increasing its bank borrowings. However, this strategy carries some risk since the company would become insolvent if, when the time came for the tax to be paid, it did not have the liquid assets to pay the tax. A company may also make provisions against the possibility that some of the money owed by debtors may not be paid, thus becoming bad debts.
the act of guaranteeing or warranting; an assurance