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. 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.
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Insurance is a absolutely the best form of risk management that most people opt for. In this post the exact meaning of this daunting term is explained very clearly and also the entities that are involved in this process is described using a simple language. Thanks for sharing.
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