What is the insurance?
Definition of Insurance is transfer of the risk of a loss, from one entity to another. Insurer is an insurance company selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy which details the conditions under which the insured will be financially compensated. The amount to be charged for a certain amount of insurance coverage is called the premium.
The concept of insurance is financial risk management operate by insurance company (insured).
What is the risk?
Risk can be seen as relating to the probability of uncertain future events. Potential losses themselves may also be called “risk”. Almost any human effort carries some risk, but some are much more risky than others.
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How is risk management works?
Risk management is the identification, assessment, and prioritization of risks followed by application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events.
The strategies of risk management typically include transferring the risk to another party, avoiding the risk, reducing the negative effect or probability of the risk, or even accepting some or all of the potential or actual consequences of a particular risk.
