Assessment insurance is a type of insurance that is designed to provide coverage for unexpected expenses that arise from a loss or damage to a property. This type of insurance is commonly used in situations where the cost of repairing or replacing a damaged property exceeds the amount of coverage provided by traditional insurance policies.
Definitions
Assessment insurance is a type of insurance policy that covers the cost of unexpected expenses that arise from a loss or damage to a property. This type of insurance is typically used in situations where the cost of repairing or replacing a damaged property exceeds the amount of coverage provided by traditional insurance policies.
Origin
The origin of assessment insurance can be traced back to the early 19th century, when mutual insurance companies were first established in the United States. These companies were created by groups of individuals who pooled their resources together to provide coverage for unexpected losses.
Meaning in different dictionaries
According to the Merriam-Webster dictionary, assessment insurance is defined as “insurance that provides coverage for unexpected expenses that arise from a loss or damage to a property.”
The Oxford English Dictionary defines assessment insurance as “a type of insurance policy that covers the cost of unexpected expenses that arise from a loss or damage to a property.”
Associations
Assessment insurance is commonly associated with mutual insurance companies, which are owned and operated by their policyholders. These companies typically offer coverage for unexpected losses that are not covered by traditional insurance policies.
Synonyms
Some synonyms for assessment insurance include mutual insurance, cooperative insurance, and shared-risk insurance.
Antonyms
Antonyms for assessment insurance include traditional insurance, standard insurance, and commercial insurance.
The same root words
The root words for assessment insurance are “assessment” and “insurance.” Assessment refers to the process of determining the value of a property or the amount of coverage needed to protect it, while insurance refers to the financial protection provided by an insurance policy.
Example Sentences
- John purchased assessment insurance to protect his home from unexpected losses that were not covered by his traditional insurance policy.
- The mutual insurance company provided assessment insurance to its policyholders, allowing them to share the risk of unexpected losses.
- Mary decided to switch from her traditional insurance policy to assessment insurance, as it provided more comprehensive coverage for her property.