COMPENSATION n.
An equivalent stipulated for in contracts for the sale of real eatate, in which it is customary to privide that errors in description, etc., shall not avoid, but shall be the subject of compensation. Compensation balance, or Compensated balance, a kind of balance wheel for a timepiece. The rim is usually made of two di…
COMPOUND v.
t; to compromise; to discharge from obligation upon terms different from those which were stipulated; as, to compound a debt. I pray, my lords, let me compound this strife. Shak. To compound a felony, to accept of a consideration for forbearing to prosecute, such compounding being an indictable offense. See Theftbote.…
INSURANCE n.
ing, or assuring, against loss or damage by a contingent event; a contract whereby, for a stipulated consideration, called premium, one party undertakes to indemnify or guarantee another against loss by certain specified risks. Cf. Assurance, n., 6.
INSURE v.
Specifically, to secure against a loss by a contingent event, on certain stipulated conditions, or at a given rate or premium; to give or to take an insurance on or for; as, a merchant insures his ship or its cargo, or both, against the dangers of the sea; goods and buildings are insured against fire or water; persons…