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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Dinner with two youth pastors and an insurance salesman. — at Chaya Brasserie http://gowal.la/s/qPh
jmccartie (Jon McCartie) Sat, 07 Nov 2009 03:08:11 -0000
Dinner with two youth pastors and an insurance salesman. — at Chaya Brasserie http://gowal.la/s/qPh
Reason #67 for legal insurance: Your car is vandalized in a parking lot http://ping.fm/iLby4
dawalms (Debbie Walmsley) Sat, 07 Nov 2009 03:08:09 -0000
Reason #67 for legal insurance: Your car is vandalized in a parking lot http://ping.fm/iLby4
"I know you got insurance so don`t be mad if I piss all in this pretty little car, on myself or start foaming at the mouth...."
akissfortara (Tara Bishop) Sat, 07 Nov 2009 03:07:43 -0000
"I know you got insurance so don`t be mad if I piss all in this pretty little car, on myself or start foaming at the mouth...."
#legal Question, if the #healthcare bill becomes law, can I sue the #government to not be forced to buy insurance, it's #unconstitutional?
StephenR70 (Stephen Rigg) Sat, 07 Nov 2009 03:07:39 -0000
#legal Question, if the #healthcare bill becomes law, can I sue the #government to not be forced to buy insurance, it's #unconstitutional?
The GOP health care plan: ship the insurance jobs overseas! LMAO! #tcot #ocra #teaparty #p2
WWWexler (William Wexler) Sat, 07 Nov 2009 03:07:27 -0000
The GOP health care plan: ship the insurance jobs overseas! LMAO! #tcot #ocra #teaparty #p2
RT @KagroX: Breaking: GOP perturbed that health insurance bill is long.//Breaking: GOP is utterly brain dead.
lowkell (lowkell) Sat, 07 Nov 2009 03:07:23 -0000
RT @KagroX: Breaking: GOP perturbed that health insurance bill is long.//Breaking: GOP is utterly brain dead.

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