18:49
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LSDefine
Simple English definitions for legal terms
assurer
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A quick definition of assurer:
Assurer: A person or company that agrees to take on the risk of someone else's loss and compensate them for that loss. This is also known as an insurer or underwriter. For life insurance, they may be referred to as an assurer. A primary insurer is responsible for settling a claim up to the policy limit before any other insurer becomes liable, while an excess insurer is liable for settling any part of a claim not covered by the primary insurer. A quasi-insurer is a service provider, like an innkeeper or common carrier, who is held to strict liability in the provision of services.
A more thorough explanation:
Definition: An assurer is another term for an insurer. It refers to a person or company that agrees, through a contract, to take on the risk of another person's loss and compensate them for that loss. This term is commonly used in the context of life insurance.
Examples: If someone buys a life insurance policy, the assurer (or insurer) agrees to pay out a certain amount of money to the policyholder's beneficiaries upon their death. Another example would be a car insurance policy, where the assurer agrees to cover the cost of damages or injuries resulting from a car accident.
Explanation: The examples illustrate how an assurer (or insurer) takes on the risk of another person's loss. In both cases, the policyholder pays a premium to the assurer in exchange for the assurance that they will be compensated in the event of a loss. This allows the policyholder to have peace of mind and financial protection in case of an unexpected event.