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.
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The Answer to What is an Insurance Denial May Truly Surprise You
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Hazard Insurance Vs. Homeowner's Insurance: Which is Better?
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A Look at the Types of Insurance Fraud That are Sure to Amaze You
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The Concept of Adverse Selection Explained With Simple Examples
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Knowing About the Types of Insurance is More Important Than You Think
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Actual Cash Value Vs. Replacement Cost
Comparison between actual cash value and replacement cost
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Are Insurance Settlements Taxable?
Fact about insurance settlements
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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.
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....
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.
What is Divorce Insurance and Why You Should Buy One
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Top 10 Insurance Companies
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Insurance vs. Warranty
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Top Rated Insurance Companies in USA
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Insurance Adjuster Salary
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Insurance Adjuster Job Description
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Preneed Insurance
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General Liability Insurance Coverage Explained
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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.
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.
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.