insurance business

insurance business
The business of writing and issuing contracts of insurance, that is, insurance policies. 29 Am J Rev ed Ins § 5. The business of insurance consists in accepting a number of risks, some of which will involve losses, and of spreading such losses over all risks so as to enable the insurer to accept each risk at the slightest fraction of possible liability upon it. Home Title Ins. Co. v United States (CA2 NY) 50 F 107.

Ballentine's law dictionary. . 1998.

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