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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
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)
More on [ Insurance ]
Association of Professional Insurance Women (APIW) - Dedicated to the advancement of professional insurance women and to the recognition of their contributions to the industry.
Charlotte Association of Insurance Women (CAIW) - Information on meetings and events, continuing education, and awards.
Meta Description: [ The association for Charlotte's professional insurance women is active in member's professional development through education and personal development through community service activities. ]
Federation of New York Insurance Professionals - Organization of several associations of insurance professionals from various areas throughout the state. Member associations represent a cross section of insurance and related industries.
Meta Description: [ The Federation of New York Insurance Professionals, Inc. is an organization of insurance professional associations from various areas throughout the State of New York. Member associations represent a cross section of professionals in the insurance and related industries. We support our members... ]
Insurance Professionals of Mid-Missouri (IPMM) - Calendar, meeting information, and professional development.
National Association of Insurance Women - Providing professional education, an environment in which to build business alliances and the opportunity to make connections with people of differing career paths and levels of experience in the insurance industry.
North Carolina Association of Insurance Women (NCAIW) - Information on state board of directors and committees and local associations, with recent newsletters.
North Idaho Insurance Professionals (NIIP) - Officers and committees, newsletter, meeting and conference calendar, and resources for members.
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