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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 and known small loss to prevent a large, possibly devastating loss. An insurer is a company selling the insurance; an insured or policyholder is the person or entity buying the insurance.
Commercially insurable risks typically share seven common characteristics: 1. A large number of homogeneous exposure units 2. Definite Loss 3. Accidental Loss 4. Large Loss 5. Affordable Premium 6. Calculable Loss 7. Limited risk of catastrophically large losses Located on the left is a list of insurance types Connecticut Life Insurance Company provides. |
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