An insurance contract is a legally binding unilateral agreement between an insured and an insurance company. In exchange for premium payments, the company covers specified perils or losses.
In accounting, a loss is the amount by which the expenses of a transaction or operation exceed the income produced.
The loss ratio measures the ratio of losses incurred (or loans losses for banks) to either total premiums earned by an insurer or the overall receivables or debts for a corporation within a specific period, often one year.
The term refers to suffering a large loss on a product, speculation, or investment.
A venturer is a party in a joint venture, an arrangement where two or more entities have joint control over an undertaking, sharing profits, losses, and control equally or as defined by a contractual agreement.
