Finance 1. A contract in which a person pays a premium to an insurance company, usually in one lump sum, and in return receives periodic payments for an agreed period or for the rest of his or her life. 2. A payment made on such a contract.

Insurance cover extending beyond the basics to include rare events of potentially serious risk, and requiring a higher premium.

Offering of one or more ancillary services with an insurance service or product in a package where this insurance service or product is also made available to the consumer separately but not necessarily on the same terms or conditions as when offered bundled with the ancillary services .

Finance A legal contract in which an insurer promises to pay a specified amount to another party, the insured, if a particular event (known as the peril) happens and the insured suffers a financial loss as a result