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, and can be thought of as a guaranteed small loss to prevent a large, possibly devastating loss. An insurer is a company selling the insurance; an insured is the person or entity buying the insurance. The 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. from wikipedia http://en.wikipedia.org/wiki/Insurance
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Very well explained the meaning of insurance. In just few words you have provided the actual use of insurance and neatly explained the entities involved in an insurance deal. I also read some other post on your blog and they do also contain great content on various type of insurance policy. Thanks for making such an informative blog and sharing it to help others too.
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