Accident Insurance Law and Legal Definition

Accident insurance is an insurance against bodily injury or death because of an accident. It is a form of insurance that undertakes to indemnify the assured against expense, loss of time and suffering resulting from accidents causing him/her physical injury, usually by payment at a fixed rate per month while the consequent disability lasts. It sometimes includes the payment of a fixed sum to his/her heirs in case of his/her death by accident within the term of the policy.