Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Hey Raymond, are you insured? According to study texts of The Chartered Insurance Institute, there are the following categories of risk

An insurer, or insurance carrier, is a company selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy. The amount of money to be charged for a certain amount of insurance coverage is called the premium. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.

Auto Insurance Fraud: What It Costs You

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Auto insurance fraud adds $200-$300 a year to your individual insurance premium, according to estimates from the National Insurance Crime Bureau (NICB). But that's a paltry sum compared to its overall impact, because every business has to pay for insurance as well. When fraud boosts their insurance rates, businesses have to charge you...
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