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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
From the point of view of the insurance company there are four general criteria for deciding whether to insure events or not. DENTAL INSURANCE CENTER. 1. there must be a larger number of similar objects so the financial outcome of insuring the pool of exposures is predictable. Therefore they can calculate a "fair" premium. 2. the losses have to be accidental and unintentional from the point of view of the insured. Dental Insurance Plans Online. 3. the losses must be measurable, identifiable in location, time, and be definate. They also want the losses to cause economic hardship. That is, so the insured has an incentive to protect and preserve the property to minimize the probabilty that the losses occur. 4. Affordable Health Care. the loss potential to the insurer must be non-catastropic. It cannot put the insurance company in financial jeopardy.
Losses must be uncertain.
The rate and distribution of losses must be predictable: 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. Offers health insurance quotes, health plan comparisons and online applications for individual, family, small business and senior health plans. If the coverage is unique, the insured will pay a correspondingly higher premium. Lloyd's of London often accepts unique coverages. (e. g.Home health health insurance for the unemployed texas health insurance quotes individual health insurance quote online affordable student health insurance affordable health insurance self employed cheap health insurance plan health insurance tampa low cost health insurance plan low cost health insurance texas california health insurance online quote health insurance in michigan health insurance tucson california senior health insurance aflac health insurance health insurance fort worth health insurance agencies west virginia health insurance health insurance co group health insurance quotes affordable college health insurance student arizona health insurance quotes california comparison health insurance health insurance companies texas idaho health insurance quote pet health care insurance georgia health insurance quote california health and dental insurance health insurance agent health and dental insurance plan