insurance

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From Wiktionary under the GNU Free Documentation License.
Sat Sep 4 01:47:36 2010

In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the insurance; an insured or policyholder is the person or entity buying the insurance policy. The insurance rate is a factor used to determine the amount to be charged for a certain amount of insurance coverage, called the premium. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.

The transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate (indemnify) the insured in the case of a large, possibly devastating loss. The insured receives a contract called the insurance policy which details the conditions and circumstances under which the insured will be compensated.

From Wikipedia under the GNU Free Documentation License
Fri Sep 3 04:09:53 2010

When will the Insurance Lobby force us to have Medical insurance like the did Auto insurance?
Q. Forced auto insurance, seat belt laws, helmet laws, child safety seats, laws and regulations, all brought upon us by insurance companies who use government regulation to maximize their profits. Isn't it only a matter of time before they get their friends in Washington to make Health Insurance Mandatory? Or is that the republican plan for reform?
Asked by ..???.. - Sat Aug 15 11:00:51 2009 - - 5 Answers - 0 Comments

A. Reagan warned of obama and his kind, and I'm not referring to his race, He is a socialist, and health care is his door opener. Please forward this video to all who question the "acting" president's agenda!!!
Answered by L.S.L.S - Sat Aug 15 11:15:44 2009

Can you buy auto insurance the very moment you buy a car? Do insurance companies work that quickly?
Q. Can I call an insurance company the instant I buy a car and say, "Hey, I just bought a car. I want to get insurance for it."? I think companies should do this because if I take off from the dealership without insurance, and somebody hits me on the way home, I'm in trouble, right? I looked everywhere for this information, but I couldn't find it anywhere. Could somebody clarify this issue for me?
Asked by rar4000 - Fri Feb 9 15:52:22 2007 - - 10 Answers - 3 Comments

A. If you buy a car and have a loan on it you are required to have insurance before leaving the car dealership. Most insurance companies have a way to buy on-line or over the phone. Call your local State Farm agent and they can help you. (www.statefarm.com) Good luck.
Answered by jmrob29 - Fri Feb 9 17:25:51 2007

How does business insurance work in a lawsuit?
Q. As a small business, I'm finally getting around to looking at business insurance. God forbid I should get sued, but that would be the only reason I would get insurance at this point. If I get sued (assuming I did nothing wrong that would terminate coverage), what are my responsibilities with regard to paying legal fees? What role will the insurance company play or what control will they have in the litigation process?
Asked by ZeeZee - Fri Apr 17 11:49:10 2009 - - 4 Answers - 0 Comments

A. In the event of a lawsuit the insurance company would undertake your defense and pay the associated legal fees as well as paying for legal counsel. The insurance company has complete legal control in the litigation process, they choose whether to settle or contest the issue in a court of law. In the real world it is rare that an insurance company would actually go to court. In most cases they would seek a settlement. This of course assumes that the incident is covered by your policy. A lawsuit may contain several complaints. The insurance company is obligated to provide a defense for you if any of the claims could be covered, but the company may not be obligated to pay the damages for certain types of claims. Liability policies, for… [cont.]
Answered by Tom Z - Sat Apr 18 15:03:02 2009

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