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Insurance:
In
law and economics, insurance is a form of risk management
primarily used to hedge against the risk of a contingent,
uncertain loss. Insurance is defined as the equitable transfer
of the risk of a loss, from one entity to another, in exchange
for payment. An insurer is a company selling the insurance;
an insured, or policyholder, is the person or entity buying
the insurance policy. The insurance rate is a factor used
to determine the amount to be charged for a certain amount
of insurance coverage, called the premium. Risk management,
the practice of appraising and controlling risk, has evolved
as a discrete field of study and practice.
The
transaction involves the insured assuming a guaranteed and
known relatively small loss in the form of payment to the
insurer in exchange for the insurer's promise to compensate
(indemnify) the insured in the case of a financial (personal)
loss. The insured receives a contract, called the insurance
policy, which details the conditions and circumstances under
which the insured will be financially compensated.
We
have listed the six main categories of Insurance available
on the internet, in which you are interested please have a
look in detail by clicking the link on it.
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