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

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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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Wed, 15 Oct 2008 04:00:17 -0000
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Tue, 14 Oct 2008 20:08:02 -0000
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Selective Insurance sees 3Q losses from Ike - Forbes
Tue, 14 Oct 2008 14:21:32 -0000
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New Jersey Skylands Insurance Introduces OneChoice Auto - MarketWatch
Tue, 14 Oct 2008 20:18:01 -0000
New Jersey Skylands Insurance Introduces OneChoice AutoMarketWatch - 8 hours agoNew Jersey Skylands Insurance today announced that it is offering OneChoice Auto in the Garden State. OneChoice Auto features exceptional protection for ...
Proskauer Rose Expands Insurance Coverage Group with Addition of ... - MarketWatch
Tue, 14 Oct 2008 20:29:19 -0000
Proskauer Rose Expands Insurance Coverage Group with Addition of ...MarketWatch - 8 hours agoTwo of California's most prominent insurance litigators, Ms. Cohen and Mr. Siemens come to Proskauer from Heller Ehrman, where Ms. Cohen was managing ...
Wortham Insurance Uses Cemaphore's MailShadow(R) for Seamless ... - MarketWatch
Tue, 14 Oct 2008 17:59:54 -0000
Wortham Insurance Uses Cemaphore's MailShadow(R) for Seamless ...MarketWatch - 10 hours ago"Being on the Gulf Coast we're no strangers to hurricanes, and being in the insurance business, it's imperative that we are always ready to communicate and ...

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