Insurance  

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"A banker is a fellow who lends his umbrella when the sun is shining and wants it back the minute it begins to rain." --attributed to Mark Twain but not verified.

  1. A means of indemnity against occurrence of a uncertain event.
    The car was totalled, but fortunately I had insurance.
  2. The business of providing insurance.
    After five years in banking, I switched to insurance.
  3. Metaphoric: Any attempt to anticipate an unfavorable event.
    The sky was clear, but I took my umbrella for insurance.
  4. Blackjack: A bet made after the deal, which pays off if the dealer has blackjack.
    I only take insurance if the count is right.

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Insurance is a means of protection from financial loss. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss.

An entity which provides insurance is known as an insurer, insurance company, or insurance carrier. A person or entity who buys insurance is known as an insured or policyholder. The insurance transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms, and must involve something in which the insured has an insurable interest established by ownership, possession, or preexisting relationship.

The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated. The amount of money charged by the insurer to the insured for the coverage set forth in the insurance policy is called the premium. If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster.

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Unless indicated otherwise, the text in this article is either based on Wikipedia article "Insurance" or another language Wikipedia page thereof used under the terms of the GNU Free Documentation License; or on research by Jahsonic and friends. See Art and Popular Culture's copyright notice.

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