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Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of potential financial loss. Insurance is defined as the equitable transfer of the risk of a potential loss, from one entity to another, in exchange for a premium and duty of care.
Principles of insurance
Losses must be uncertain.
The rate of losses must be relatively predictable: In order to set premiums (prices) insurers must be able to estimate them accurately. This is done using the Law of Large Numbers which states that: The larger the number of homogenous exposures considered, the more closely the losses reported will equal the underlying probability of loss. If the coverage is unique, the insured will pay a correspondingly higher premium. Lloyd's of London often accepts unique coverages. (e.g., the insuring of Tina Turner's legs and Jennifer Lopez's buttocks)
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Surety Bonds :: Financial Services
New post, Short Term Car Insurance FAQ - http://ping.fm/MZ0ax
reneperez9 (rene perez) Mon, 02 Nov 2009 00:10:38 -0000
New post, Short Term Car Insurance FAQ - http://ping.fm/MZ0ax
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2rationality (Freethinker) Mon, 02 Nov 2009 00:10:37 -0000
How to Put Private Insurance out of business..http://bit.ly/1RpJf4
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Fairer Treatment For Life Insurance Needed http://bit.ly/12G5X0
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deana_71hlu (Deana Bolton) Mon, 02 Nov 2009 00:10:21 -0000
Understanding Your Insurance Carrier | Insurance > Property... http://tinyurl.com/y9tlkaa
Our Governement can't save us from H1N1 but they can save us from the insurance companys. #singlepayer #hcr #p2
CarolAnnInWV (Ann) Mon, 02 Nov 2009 00:10:21 -0000
Our Governement can't save us from H1N1 but they can save us from the insurance companys. #singlepayer #hcr #p2
Travel Insurance for a Serene Vacation in Canada: When it comes to securing travel insurance, US residents are far more http://url4.eu/JcdX
Vera_Proxauf (Vera Proxauf) Mon, 02 Nov 2009 00:10:19 -0000
Travel Insurance for a Serene Vacation in Canada: When it comes to securing travel insurance, US residents are far more http://url4.eu/JcdX
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