Insurance is vital to a free enterprise economy. It protects society from the consequences of financial loss from death, accidents, sicknesses, damage to property, and injury caused to others. The person seeking to transfer risk, the insured...

Every ten days, on average, another rocket carrying a telecommunications satellite thunders heavenward. This satellite might be destined to become part of the international telephone network, or to provide direct-to-home television, or be designed to...

Insurance agents use computers and mathematics to assess risk, determine premiums, and calculate the amount of claims. Insurance agents help people buy insurance plans...

Contract that, by redistributing risk among a large number of people, reduces losses from accidents incurred by an individual. In return for a specified payment (premium), the insurer undertakes to pay the insured or his beneficiary a specified amount...

A method of sharing risks. Originally it was chiefly concerned with insuring shipping, the riskiest of business ventures in earlier centuries, but the principle was extended to cover all types of risk, including damage to property, personal injury and...

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 loss, from one entity to another, in exchange for a premium....