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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Australian PM might be pet health insurance policyholder - Animal Friends Pet Insurance http://ow.ly/16hdIF
Iluvmypet (Animal Lover) Wed, 06 Jan 2010 05:42:38 -0000
Australian PM might be pet health insurance policyholder - Animal Friends Pet Insurance http://ow.ly/16hdIF
Do health insurance companies fund comparative effectiveness research? Incentivize preventive care? These seem like obvious cost controls.
sarah_ganz (Sarah Ganz) Wed, 06 Jan 2010 05:42:23 -0000
Do health insurance companies fund comparative effectiveness research? Incentivize preventive care? These seem like obvious cost controls.
Watching Sex and the City...time for my boyfriend to get his insurance renewed!!!
Chrisperson2316 (Christina Casperson) Wed, 06 Jan 2010 05:41:57 -0000
Watching Sex and the City...time for my boyfriend to get his insurance renewed!!!
Families covered by VHI face €200 hike in health insurance - Irish Independent: RTE.ieFamilies covered by VHI f.. http://bit.ly/8FWEXf
Health_Rate (Health) Wed, 06 Jan 2010 05:41:49 -0000
Families covered by VHI face €200 hike in health insurance - Irish Independent: RTE.ieFamilies covered by VHI f.. http://bit.ly/8FWEXf
@vcsjones hehehehehe I hear that.... We have a pretty solid legal dept (as any good insurance company does).
Darkfalz01 (Curt Christianson) Wed, 06 Jan 2010 05:41:45 -0000
@vcsjones hehehehehe I hear that.... We have a pretty solid legal dept (as any good insurance company does).
mexico influenza swine: Travel insurance – Can I skimp on coverage …: The type of travel insurance .. http://bit.ly/7OSrrd
Tonyblogger (Tonya J. Matheson) Wed, 06 Jan 2010 05:41:37 -0000
mexico influenza swine: Travel insurance – Can I skimp on coverage …: The type of travel insurance .. http://bit.ly/7OSrrd

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