ASSESSMENT INSURANCE Meaning and
Definition
-
Assessment insurance is a type of insurance coverage that is based on the principle of mutual aid among members of a group or organization. It is commonly associated with fraternal and mutual benefit societies, cooperatives, and other similar entities.
The concept of assessment insurance revolves around the idea that members of the group pool their resources together to provide financial protection and support in times of need. The group is typically structured as a cooperative, with members paying regular assessments or premiums into a common fund.
In the event that a member of the group experiences a covered loss, such as a death or disability, the funds from the common pool are used to provide financial aid to the affected member or their designated beneficiaries. The amount of assistance provided is typically determined through a process of assessment or evaluation of the loss.
Assessment insurance involves a shared responsibility among the members of the group, with each member contributing according to their assessed risk or liability. This means that the amount of premiums or assessments paid by each member may vary based on factors such as age, health, occupation, or other relevant characteristics.
Assessment insurance provides a means for individuals to protect themselves and their loved ones from financial hardships caused by unforeseen events. It offers a sense of security and peace of mind, as members can rely on the collective strength of the group to provide support during difficult times.
Common Misspellings for ASSESSMENT INSURANCE
- zssessment insurance
- sssessment insurance
- wssessment insurance
- qssessment insurance
- aasessment insurance
- azsessment insurance
- axsessment insurance
- adsessment insurance
- aesessment insurance
- awsessment insurance
- asaessment insurance
- aszessment insurance
- asxessment insurance
- asdessment insurance
- aseessment insurance
- aswessment insurance
- asswssment insurance
- asssssment insurance
- assdssment insurance
- assrssment insurance
Etymology of ASSESSMENT INSURANCE
The word "assessment insurance" does not have a specific etymology, as it is a compound term that combines two separate words: "assessment" and "insurance". Here is a breakdown of the etymology of each individual word:
1. Assessment: The word "assessment" originated from the late Middle English term "assesse", which came from the Old French word "asseoir" meaning "to set a tax". It further derived from the Latin word "assessus", which was the past participle of "assidere", meaning "to sit beside" or "to assess".
2. Insurance: The term "insurance" has its roots in the Latin word "assurare", derived from "securus", meaning "secure" or "safe". This Latin word also gave rise to Old French term "asseürance", which eventually transformed into the English word "insurance" in the late 15th century.
Infographic
Add the infographic to your website:
