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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. MEGA Life and Health: Health Insurance Agents and Brokers. 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. Skip to page content - Association of Health Insurance Advisors The Health
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. Insurance Agent/Broker. If the coverage is unique, the insured will pay a correspondingly higher premium. Lloyd's of London often accepts unique coverages. (e. g.Home ind cheap health insurance option aetna health insurance quote health humana individual insurance central florida health insurance health insurance agents american health insurance health insurance companies california child health insurance texas traveler health insurance individual health insurance plan texas international medical health insurance home health care insurance health care insurance companies best health insurance company texas group health insurance florida health insurance for child health insurance college students fortis short term health insurance student health insurance plan florida health insurance plans compare health insurance plan california health insurance company health insurance in minnesota florida small group health insurance top health insurance company texas health insurance company california health insurance companies blue cross health insurance quote texas child health insurance