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Insurance is the business of risk management used to hedge against the risk of potential financial loss caused by a specified contingency or peril. The concept of insurance is to provide the equitable transfer of the risk of potential loss from one entity to another, in exchange for a fee. In essence, it is a contract in which one party agrees to pay the financial losses incurred by another party, caused by events specified in the contract. Types of insurance include health, life, automobile, home, casualty, credit, and liability insurance. Insurance consultants and advisors can assist the consumer in wading through the myriad options available in the insurance industry, whether the needs are for personal, home or business insurance.
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