Commercial Insurance Dictionary. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. The dictionary of insurance presents words and expressions that are found in common use in the property and casualty insurance industry.
These definitions represent a common use of the commercial insurance definition or term. [noun] the business of insuring persons or property. Insurance — a contractual relationship that exists when one party (the insurer) for a consideration (the premium) agrees to reimburse another party (the insured) for loss to a specified subject (the risk) caused by designated contingencies (hazards or perils).