Insurance Definition and Terminology
Insurance can be defined as an assurance of a compensation for specific losses in the future, against a set of payments, called insurance premiums. Insurance, regardless of the type, is an essential economic tool meant to reduce financial risks and to ensure that financial losses are kept to a minimum. Insurance policies are the contract agreements done between the insurance companies and the insured subject.

Insurance Industry
Insurance as a business originated with the great civilizations of mankind, when merchants would ship orders in several sea-faring vessels, with the hope of minimizing losses in the event of a shipwreck. Then it was thought of only in the aftermath of great tragedy, as in the 1666 fire in London. Disasters, such as London's Great Fire, gave birth to some insurance types, such as property, casualty, and fire insurance. Insurance became popular in the mid 19th century, only two hundred years after its small beginning in England.

Since then, the industry has come a long way, and has become more complex. However, the obvious benefit of insurance is still based on the basic principle that losses should be kept to a minimum. Modern insurance entails payments to an insurance company in exchange for the promise to pay for damages, health procedures, etc., in the event of an accident or basic need. In today’s culture, insurance coverage is considered a necessity. Its presence in a 21st century industry, is proven by the massive intake of yearly premiums totaling sums in billions, and its holdings valued in trillions.

In modern times, the evolution of the insurance industry has transformed most of the world's view on disaster prevention and protection. Life and health insurance have experienced the highest growth rate for the insurance business in the past century. The insurance industry has grown to become a veritable institution, with thousands of insurance companies worldwide collecting billions in premiums each year and holding assets with an estimated value of trillions. Among the various insurance companies are those that offer general insurance coverage, including health, automobile, homeowners, life, disability, etc., and those who specialize in one or more of the aforementioned types of insurance. With the deregulation of the banking and brokerage industries, large conglomerates have been formed, that offer every imaginable financial service. It is now common for these large corporations, to offer a variety of insurance benefit plans and services.

For more indemnity and insurance industry information and news, browse through the articles provided below.
Hazard Insurance Vs. Homeowner's Insurance
Difference between hazard insurance and homeowners insurance
With little difference between the two types of insurance, many people wonder if hazard insurance is the same as homeowner's insurance.
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Types of Insurance Fraud
Common types of insurance fraud
How far can people go to trick insurance companies of their money? Just go through this post on the many types of insurance fraud, and you'll be surprised at the lengths people go to for a quick buck.
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The Concept of Adverse Selection Explained
Concept of adverse selection with example
Adverse selection can be defined as a phenomenon in the market, that arises due to asymmetric information between buyers and sellers, which leads to a loss for either of the two. Buzzle explains more about this concept with some...
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Actual Cash Value Vs. Replacement Cost
Comparison between actual cash value and replacement cost
You need to be well informed about the insurance coverage of your asset - whether it covers the actual cash value or the replacement cost - if the insured event occurs. This Buzzle article furnishes you with a comparison between...
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Are Insurance Settlements Taxable?
Fact about insurance settlements
An insurance settlement is the payment received from your insurance company against your claim. This Buzzle article discusses whether insurance settlements are taxable or not.
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Importance of Fire Insurance Coverage
Benefits of fire insurance coverage
This Buzzle article will elaborate on the importance of fire insurance coverage, which provides financial support to individuals whose assets and belongings have been damaged by a fire.
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Hazard Insurance Vs. Mortgage Insurance
Difference between hazard insurance and mortgage insurance
While obtaining a hazard insurance is mandatory for availing a mortgage loan, a lender will draw insurance on the mortgage to protect his money. Apart from this point of distinction, this Buzzle article further does a hazard vs....
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Types of Moving Insurance
In this article, we shall see the different types of moving insurance like value coverage insurance, inclusive insurance, limited insurance and some other types in detail.
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Difference Between Insurance and Assurance
In the following few paragraphs, we will know more about assurance and insurance, also try to understand the difference between the two terminologies.
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Accident Insurance Settlement
Had an accident recently? Worried about the insurance settlement procedure? Read the following article to understand various aspects related to it.
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Importance of Insurance
In almost all fields of life, the importance of insurance is evident. Any risk that may come up in life can be potentially insured.
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What is Title Insurance?
When dealing in real estate, a very important thing to consider is the title insurance. It is a policy of indemnity that protects the owner's right to ownership of the property.
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What is Actual Cash Value?
This article explains what actual cash value is and how it's different from replacement cost.
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What is an Insurance Denial?
A situation where insurance is denied is certainly unwelcome and to some extent frightening. The following is a small explanation of denial of insurance and some related concepts. To know more, read on.
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Insurance Sales Training Tips
Selling an insurance cover is no different from selling any other commodity. There are many insurance covers developed and promoted by established companies. Alongside this supply is the presence of another market segment ―...
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Types of Insurance
What are the basic types of insurance? What is their role in risk management? To know about the different types of insurance, read on.
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Insurance Cancellation Letter
Writing an insurance cancellation letter might seem to be a tough task for many, and if not, it sure causes some kind of a confusion with regards to the format and the content. The upcoming article will simplify it for you.
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What is Divorce Insurance and Why You Should Buy One
Want to apply for a divorce insurance? Oh yes, you heard it right! Insurance companies are now offering products that provide you coverage in case of a divorce. Read on, to know about it and why you should consider buying one.
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Top 10 Insurance Companies
Listed here are the top 10 insurance companies, that cover the most important types of insurance. Find out how you can get yourself insured, for any problems that are likely to arise in the future, that you can digress from...
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Insurance vs. Warranty
Confused about insurance vs warranty? Well, read right ahead for a clear and precise understanding of each, along with the difference between the two risk management methods!
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Top Rated Insurance Companies in USA
The following paragraphs shed some light on some of the top rated insurance companies in the United States. The specialty of some of the best insurance companies, plus a small yet comprehensive list of the best ones has been...
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Insurance Adjuster Salary
The average insurance adjuster salary is considered to be around $56,000 per annum. This article gives you a detailed explanation about the salary range of this career...
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Insurance Adjuster Job Description
The main duty in an insurance adjuster job description is to find out the exact compensation payable to policy holders...
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Preneed Insurance
Preneed or funeral insurance is a way for people to make and pay for their own funeral arrangements, prior to their demise. This write-up provides some information on the need for funeral insurance.
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General Liability Insurance Coverage Explained
General liability insurance coverage is the most basic business insurance that protects an organization from legal hassles which may arise in the due course of operations.
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What is Hearing Aid Insurance?
Considering the cost of hearing aids, insurance is a must in order to facilitate replacement, which may be necessary on account of damage, loss, or normal wear and tear.
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Property Insurance Policies for Landlords
This article deals with the importance of landlord insurance and the types of policies available in the market. It is the responsibility of every landlord to insure his property against unforeseen events.
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The Need for Personal Umbrella Insurance
A personal umbrella insurance policy can be an additional layer between you and a lawsuit that has the potential of being financially destroying. In this article, we have explained more about this policy.
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