Reply Thu 4 Dec, 2008 09:08 am
what are the principles of Insurance?
 
Phoenix32890
 
  1  
Reply Thu 4 Dec, 2008 09:18 am
@PRINCEALERY,
http://www.quatloos.com/basic_insurance.htm
0 Replies
 
joefromchicago
 
  4  
Reply Thu 4 Dec, 2008 09:44 am
@PRINCEALERY,
PRINCEALERY wrote:

what are the principles of Insurance?

Collect premiums, reject claims.
0 Replies
 
Foxfyre
 
  3  
Reply Thu 4 Dec, 2008 12:10 pm
In return for a fee, insurance covers some or all of the cost of financial loss should such loss occur. The insurance company uses a complicated data set to determine the odds that the loss will occur--or in other words, what risk the insurance company is accepting-- and fees (premiums) are established accordingly. The insurance company gambles that they will collect more in fees than they will pay out in the event of your death or an illness/accident, if you are sued, if you rack up the car, or your house is hit by a tornado or severe hailstorm.

If the gamble goes against the insurance company, it sustains a loss. If the gamble goes the insurance company's way, meaning that more premiums are taken in than claims paid out, the insurance company makes a profit which is necessary for the insurance company to stay in business and offer the service. To lower the odds for losing their profit, the insurance company generally accepts 'good' risks--those less likely to sustain a loss--and spreads the risk over numerous policy holders on the theory there will be more who do not have losses than there are those who do.
0 Replies
 
learner124
 
  2  
Reply Wed 21 Mar, 2012 04:49 am
@PRINCEALERY,
You can read on wikipedia for exact details - http://en.wikipedia.org/wiki/Insurance
0 Replies
 
anneyours224
 
  1  
Reply Wed 10 Oct, 2012 11:22 pm
I agree with you Joe from Chicago, they will do everything just to deny the claim.
0 Replies
 
shielah
 
  0  
Reply Thu 25 Jun, 2015 05:04 am
@PRINCEALERY,
It depends what kind of insurance you wanted to ask and wanted to apply.
0 Replies
 
sameerjan87
 
  1  
Reply Wed 8 Jul, 2015 02:46 pm
@PRINCEALERY,
the basic principle of insurance is to to distribute risk among insurance holders.it
spreads the risk from affected to the all members.
0 Replies
 
selectmytutor
 
  1  
Reply Tue 11 Aug, 2015 07:42 am
@PRINCEALERY,
Can you explain, what you want to ask really? Insurance for what?
0 Replies
 
 

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