A contract whereby, for a stipulated consideration , one party undertakes to compensate the other for loss on a specified subject by specified perils. The party agreeing to make the compensation is usually called the “insurer” or ” underwriter ;” the other, the “insured” or “assured;” the agreed consideration, the “premium;” the written contract , a “policy;” the events insured against, “risks” or “perils;” and the subject, right, or interest to be protected, the ” insurable interest .” 1 Phil. Ins.
Black’s Law Online Dictionary
