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There are various definitions of insurance, and these definitions are actually quite helpful to insurance because by comparing these meanings, they ultimately arrive at a thorough and thorough definition of insurance.

Specifying statutory insurance

When studying the definition of insurance for legal professionals, it is necessary to make a distinction between three separate legal categories. These groups include jurists, legislators, and courts. In general, courts steer clear of defining insurance in accordance with legislative definitions.

The previous definition concentrated on the legal side of the contract in terms of the parties and the duties that came out of it. Dr. Muhammad Ali Arafa provides the following definition of insurance in his work, "Explaining the New Civil Law in Insurance and Small Contracts."

The previous definition distinguished itself by concentrating on the technical foundation upon which insurance is based, in addition to the legal foundation, where the definition clarified that the insurance process is the aggregation of similar risks and the distribution of the resulting losses using statistical methods, as well as the determination of the obligation of each insured (insurance premium) and the obligation of insured (compensation).

Insurance actuaries and economists are defined as:

Economists concentrate on defining insurance for wealth, income, and the effects of risks and accidents on them, whether through mortality or deficiency. The definition of economists and actuaries for the insurance industry is as follows: On the other hand, actuaries are interested in introducing them to methods of measurement, particularly with regard to the risk of an accident and forecasting loss.

Insurance industry experts are as follows:

We will give the most significant of these definitions, which are listed below. Many insurance professionals have defined insurance, and while they may disagree in certain specifics, all of these definitions are compatible with the fundamentals of the insurance business.

1. By allocating this loss to a sizable group of people who are all exposed to this risk in accordance with a prior agreement, insurance is a way to compensate an individual for the financial loss that is caused to him as a result of the occurrence of a specific risk.

2. Insurance is a system that transfers a number of specific risks to the insured and agrees to reimburse the insured for all or part of the financial loss suffered. This decreases the uncertainty of the insured.

3. Insurance is a technique used to collect the risks to which a group of people and businesses are exposed. Contributions are gathered and treated as capital from which compensation is provided, so attempting to lower the risk.

4. A social system that groups risks to replace uncertainty.

5. A social system that pays out financial compensation for consequences brought on by hazards, with the money coming from the sum of all payments received from system participants (Hansel).

From the foregoing, the following is a thorough definition of insurance:

In return for payment of the insurance premium, the insurer "which is the insured and who pays a specified amount according to it when the risk is realized, accumulates comparable risks and forecasts the value of Financial Obligations emerging from their verification."