insurable
/in'ʃuərəbl/
Definition
- Adjective:
- Capable of being insured: Describes something (a person, property, or risk) that meets the necessary conditions to be covered by an insurance policy.
- Eligible to be insured: Refers to a status where an insurance company is willing to accept the risk and provide coverage, typically because the risk is considered predictable and manageable.
Usage Examples
- Adjective:
- The insurance company assessed the building and declared it insurable.
- Due to his excellent health, he was considered highly insurable for a life insurance policy.
- Not all risks in business are insurable; some are too unpredictable.
Advanced Usage
- "Insurable interest": A fundamental legal principle in insurance. It means a person must have a legitimate financial or emotional stake in the item or person being insured to prevent gambling on losses.
- To buy a life insurance policy for someone, you must demonstrate an insurable interest in that person.
Variants and Related Words
- Insure (verb): To arrange for compensation in the event of damage, loss, or injury in return for payment.
- They decided to insure their new car against theft.
- Insurance (noun): The practice or arrangement by which a company provides a guarantee of compensation for loss, damage, or illness.
- Health insurance is essential for managing medical costs.
- Insurer (noun): A person or company that underwrites an insurance risk; the party in an insurance contract that promises to pay compensation.
- The insurer processed the claim quickly.
Synonyms
- Coverable: Able to be covered or protected by insurance.
- Assurable: Capable of being assured or insured (less common).
Antonyms
- Uninsurable: Not eligible or suitable for insurance coverage.
- The flood-prone property was deemed uninsurable by most companies.
Adjective
-
capable of being insured or eligible to be insured
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