Homeowner's insurance is a type of policy bought by a homeowner to cover damages to the home. Mortgage insurance is a type of policy paid for by the homeowner to protect the lender in the event of the homeowner's default. more »
Homeowner's insurance is a type of policy bought by a homeowner to cover damages to the home. Mortgage insurance is a type of policy paid for by the homeowner to protect the lender in the event of the homeowner's default. more »
Liability and property insurance protects policyholders from such diverse acts as a fire in a warehouse or a visitor slipping on a construction site. However, sometimes other parties also need the protection of this insurance policy. more »
Motorcycle insurance is different from car insurance in that it covers various two-wheeled vehicles. This includes mopeds, high-performing sport-type motorcycles and touring bicycles. However, not all two-wheeled vehicles are covered. Some insurers do not insure modified or custom made motorcycles. The insurers that do cover modified... more »
Often people hate to look for health insurance because they face a sea of unfamiliar terms and an equally daunting number of different policies. Two types of policies often confused are PPO health plans and supplemental insurance plans. more »
Robin Pearson wrote a book arguing the advent of fire insurance played a dominate role in the success of the British Revolution between 1700 and 1850. Benjamin Franklin brought the idea of mutual protection against fire to the residents of Philadelphia in 1752. more »
One of the most important thing a person can have that tends to go overlooked is insurance. Be it health, life, or business insurance, they are...
Life is full of uncertainties; that's why people buy insurance. Some is required by law, such as auto liability, and some by prudence, such as...
Hedge you blackjack bets like a true gambler! Learn about insurance in blackjack with this free...more »
Accidental death and dismemberment insurance, or AD&D, provides coverage for the insured in the...more »
Burial insurance is designed as a form of life insurance at a relatively low face value, usually...more »
Liability insurance provides coverage against harm that you have caused to a third party, such...more »
Prescriptions are generally covered by health insurance if that benefit is requested, and they...more »
Learn basic insurance betting information for the game of blackjack in this free video on the...more »
The best accident disability insurance is, typically, the one that is the most expensive because...more »
Insurance is a general term used to describe any form of protection against loss, however it is most commonly used... more »
An additional-insured clause is an amendment to an insurance contract that provides insurance rights to other... more »
As the cost of insurances rise, many employers are opting for self-insurance instead of traditional plans. In... more »
Life insurance can provide funds for the family if the primary wage earner dies unexpectedly, to preserve an estate,... more »
Your property doesn't find favor with insurers for any number of reasons. Maybe it is in flood prone area, or maybe... more »
If the star running back of your high school's football team slips and falls on a patch of ice on your front... more »
Having friends over for a cookout or letting out-of-town relatives bunk in your spare bedroom while they are on... more »
When you have medical coverage with more than one health insurance plan, you can submit the balance due on your... more »
An "additional insured" is a person or business that is added to an insurance policy. This usually happens with... more »
The old debate about leasing insurance versus buying insurance continues. Whether you buy term and invest the rest... more »
Accidental death and dismemberment (AD&D) and life insurance are two coverage options you can purchase to... more »
A self-insured employer is one that chooses to provide health, disability and/or worker's compensation insurance... more »
When life insurance is purchased on the life of someone other than the policy owner, certain criteria must be met in... more »
Created in response to the U.S. Housing and Development Act of 1968, FAIR (Fair Access to Insurance Requirements),... more »
Excess liability is insurance coverage that typically provides coverage beyond that of an underlying policy such as... more »
Most of us meet with our insurance agents to purchase homeowners insurance, pay the premium and then toss the policy... more »
A medical insurance claim is called an explanation of benefits (EOB). When you have services from a healthcare... more »
The ACORD 25 Certificate of Liability Insurance is a one-page document that summarizes essential information about... more »
Term insurance vs. whole insurance has been the subject of an ongoing debate in the financial services community.... more »
If nothing bad ever happened, no one would need insurance. Unfortunately, it does, and buying insurance always... more »
Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium, and can be thought of as a guaranteed and known small loss to prevent a large, possibly devastating loss. An insurer is a company selling the insurance; an insured or policyholder is the person or entity buying the insurance. 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.
Principles of insurance
The six principles of insurance are:
# Indemnity – Insurance is a contract of indemnity where the insurance company indemnifies the insured against certain risks for a consideration known as premium.
# Insurable interest – means the loss of which will directly affect the insured.
# Utmost good faith – means that the insured and the insurance company will not willfully hide anything from each other.
# Mitigation – means the insured will not behave irresponsibly and will take due care so that the risk of loss or the loss is minimized.
# Subrogation – means the insurance company acquires legal rights to act on behalf of the insured i.e. the insurance company steps into the shoes of the insured.
# Causa Proxima or Proximate Cause – means the proximate cause of loss to ascertain whether the loss is covered under the policy.
Commercially insurable risks typically share seven common characteristics.This discussion is adapted from Mehr and Camack “Principles of Insurance”, 6th edition, 1976, pp 34 – 37.
#Large number of homogeneous exposure units. The majority of insurance policies are provided for individual members of very large classes. Automobile insurance, for example, cov read more at » http://en.wikipedia.org/wiki/Insurance
http://en.wikipedia.org/wiki/Insurance
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