Define: Casualty Insurance

UK Accounting Glossary

Definition: Casualty Insurance



Advertisement



Full Definition of Casualty Insurance


Generally, casualty insurance is a type of indemnity that provides coverage against loss from injury or property loss. Specifically, casualty insurance offers protection against perils associated with legal liability, as well as health and sickness. Casualty insurance is a very broad category and includes almost all types of non-life insurance. Major classes of casualty insurance include most kinds of liability insurance, theft, aviation, workers’ compensation, credit, and title. Thus, casualty insurance contracts may cover liability arising from the use of an automobile, operations of a business, professional negligence, including malpractice insurance, or property ownership. Casualty insurance also comprises credit insurance, which may protect against the risk of bad debts from insolvency, disability, as well as the risk of loss of savings from bank failure. Casualty insurance may even cover the risk of commercial and political changes.


Advertisement




Cite Term


To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
https://payrollheaven.com/define/casualty-insurance/
Modern Language Association (MLA):
Casualty Insurance. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. February 19, 2020 https://payrollheaven.com/define/casualty-insurance/.
Chicago Manual of Style (CMS):
Casualty Insurance. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/casualty-insurance/ (accessed: February 19, 2020).
American Psychological Association (APA):
Casualty Insurance. PayrollHeaven.com. Retrieved February 19, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/casualty-insurance/

Definition Sources


Definitions for Casualty Insurance are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • BusinessDictionary.com
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 4th February 2020.