- A contract wherein one known as the insurer agrees, in consideration of the premium paid and to be paid by the other party known as the insured, to indemnify the latter for losses caused by illness, providing indemnification for both expenses and loss of time resulting from sickness and disease. 29A Am J Rev ed Ins § 1154. For the purpose of the exemption from taxable income under the Internal Revenue Code, the term "health insurance" is not limited to the particular forms of conventional insurance made available by commercial companies, but includes sickness benefits payable under an employer's plan. Haynes v United States, 353 US 81, 1 L Ed 2d 671, 77 S Ct 649.
Ballentine's law dictionary. Anderson, W.S.. 1998.
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