2007-03-11 13:02:42 · 5 answers · asked by bb 1 in Business & Finance ➔ Insurance
Here's a definition from Wikipedia. You'll have to be a bit more specific as to what it is you're trying to find out. There are many types of insurance. Life Insurance. Automobile Insurance. House Insurance. Fire Insurance. Flood Insurance. Workers Compensation Insurance. I could probably name 20 more types of policies without thinking too hard. If you'll be more specific as to what you're looking for, someone might be able to give you a better answer.
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 potential loss, from one entity to another, in exchange for a premium. Insurer, in economics, is the company that sells the insurance. Insurance rate is a factor used to determine the amount, called the premium, to be charged for a certain amount of insurance coverage. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.
2007-03-11 13:49:43 · answer #1 · answered by Faye H 6 · 1⤊ 0⤋
You really should be more specific in your question.
Basically, Insurance is the TRANSFER of RISK to someone else - the insurer. You pay the insurer a certain amount and if specific events happen (someone steals your car ), then the insurer pays most (or all) of the cost of the loss. If nothing happens, the insurer collects the next month's premium.
Go talk to a licensed insurance agent.
2007-03-11 21:59:55 · answer #2 · answered by insuranceguytx 5 · 1⤊ 0⤋
Yep.
Insurance is betting. Agents are bookies. The odds, as usual, are slightly in favor of the house (the insurance company).
When you take out a policy, you are betting your premium money that something is going to happen, against a larger payout. The insurance company is betting it's not going to happen.
2007-03-11 23:05:27 · answer #3 · answered by Anonymous 7 · 0⤊ 1⤋
Dear yahoo queriests,
With respect to any of your Life Insurance questions related with LIC just mail me at secretary.divan@yahoo.com or call me at 9811896803 or write me at F-169, NaurojI Nagar, Opp. Bhikaji Cama Place, New Delhi - 110029
2007-03-12 09:23:21 · answer #4 · answered by NAVEEN 1 · 0⤊ 1⤋
You may want to try a website that compares multiple companies at once to get you the best price. I am paying less than ½ after I did.
Go to: http://www.insureme.com/?Refby=616161
Take care,
Casey
2007-03-12 15:02:39 · answer #5 · answered by Anonymous · 0⤊ 0⤋