insurance

Table of Contents

Introduction
Kinds of insurance
- Property insurance
  - Homeowner’s insurance
    - Perils insured
    - Property covered
    - Limitations on amount recoverable
    - Excluded perils
    - Conditions
  - Business property insurance
    - Direct losses
    - Indirect losses
- Marine insurance
  - Ocean marine insurance
    - Perils clause
    - RDC clause
    - FPA clause
    - General average clause
    - Sue and labour clause
    - Abandonment clause
    - Coinsurance
    - Warranties
  - Inland marine insurance
- Liability insurance
  - Limits of liability
  - Business liability insurance
  - Professional liability insurance
  - Personal liability insurance
  - Automobile insurance
  - Theft insurance
  - Aviation insurance
  - Workers’ compensation insurance
    - Classes of benefits
    - Financing and administering employment injury insurance
    - Costs
  - Credit insurance
    - Merchandise credit insurance
    - Export credit insurance
  - Title insurance
  - Miscellaneous insurance
- Suretyship
  - Major types of fidelity bonds
  - Major types of surety bonds
- Life and health insurance
  - Life insurance
    - Types of contracts
    - Settlement options
    - Other provisions
    - Special riders
  - Private health insurance
    - Types of policies
    - Renewability
    - Problems
  - Group insurance
    - Group life insurance
    - Group health insurance
    - Group annuities
Insurance practice
- Underwriting and rate making
  - Underwriting principles
  - Rate making
  - Underwriting cycle
  - Reinsurance
- Legal aspects of insurance
  - Government regulation
  - Contract law
    - Warranties
    - Insurable interest
  - Liability law
Historical development of insurance
- England
- United States
- Russia
- Eastern Europe
- Japan
- Worldwide operations

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insurance

Written by Mark Richard Greene

Fact-checked by The Editors of Encyclopaedia Britannica

Last Updated: Jan 26, 2024 • Article History

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Category: Money

Key People:: Edward M. Liddy; Charlie Finley; Charles Clinton Spaulding; Lawrence James Adler

Related Topics:: group insurance; health insurance; life insurance; social insurance; marine insurance

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Jan. 26, 2024, 5:52 PM ET (AP)

Small farmers hit by extreme weather could get assistance from proposed insurance program

insurance, a system under which the insurer, for a consideration usually agreed upon in advance, promises to reimburse the insured or to render services to the insured in the event that certain accidental occurrences result in losses during a given period. It thus is a method of coping with risk. Its primary function is to substitute certainty for uncertainty as regards the economic cost of loss-producing events. Insurance relies heavily on the “law of large numbers.” In large homogeneous populations it is possible to estimate the normal frequency of common events such as deaths and accidents. Losses can be predicted ...(100 of 17619 words)

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