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See Article History Insurance, a system under which the insurer, for a consideration usually agreed upon in advance, promises to reimburse the insured or to render services to the insured in the event that certain accidental occurrences result in losses during a given period.
It thus is a method of coping with risk. Its primary function is to substitute certainty for uncertainty as regards the economic cost of loss-producing events. Losses can be predicted with reasonable accuracy, and this accuracy increases as the size of the group expands.
From a theoretical standpoint, it is possible to eliminate all pure risk if an infinitely large group is selected. From the standpoint of the insurer, an insurable risk must meet the following requirements: The objects to be insured must be numerous enough and homogeneous enough to allow a reasonably close calculation of the probable frequency and severity of losses.
The insured objects must not be subject to simultaneous destruction. For example, if all the buildings insured by one insurer are in an area subject to flood, and a flood occurs, the loss to the insurance underwriter may be catastrophic.
The possible loss must be accidental in nature, and beyond the control of the insured. If the insured could cause the loss, the element of randomness and predictability would be destroyed.
There must be some way to determine whether a loss has occurred and how great that loss is. This is why insurance contracts specify very definitely what events must take place, what constitutes loss, and how it is to be measured. From the viewpoint of the insured person, an insurable risk is one for which the probability of loss is not so high as to require excessive premiums.
At the same time, the potential loss must be severe enough to cause financial hardship if it is not insured against. Insurable risks include losses to property resulting from fire, explosion, windstorm, etc.
Uninsurable risks include losses resulting from price changes and competitive conditions in the market. Political risks such as war or currency debasement are usually not insurable by private parties but may be insurable by governmental institutions.
These contracts or forms typically are divided into three or four parts: The advantage of these contracts is that if property is destroyed by a peril not specifically excluded the insurance is good.
In named-peril policies, no coverage is provided unless the property is damaged by a peril specifically listed in the contract.
They also cover removal of debris following a loss, expenditures to protect property from further loss, and loss of property removed from the premises for safety once an insured peril has occurred.
Losses caused by some intervening source not insured by the policy are not covered. Under the former, the owner suffers no reduction in loss recovery due to depreciation of the property from its original value. This basis applies if the owner took out coverage that is at least equal to a named percentage—for example, 80 percent—of the replacement value of the property.
If the insurance amount is less than 80 percent, a coinsurance clause is triggered, the operation of which reduces the recovery amount to the value of the loss times the ratio of the amount of insurance actually carried to the amount equal to 80 percent of the value of the property.
For example, if two policies with equal limits are taken out, each contributes one-half of any insured loss.
Thus, if a homeowner has only a one-half interest in a building, the recovery is limited to one-half of the insured loss.Reliance General Insurance, a private general insurance firm saw a healthy growth in net profit for FY Now, it has taken a decision to expand its business into non-motor businesses such as property, health and marine.
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Intermediaries – case study 19 A person (later arrested for drug trafficking) made a financial investment (life insurance) of USD , by means of an insurance broker. He acted as follows.
He contacted an insurance broker and delivered a total amount of USD , in three cash instalments. The insurance broker did not report the [ ].
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We rehabilitate and release stranded marine mammals and sea turtles in order to advance science and education in marine wildlife health and conservation.