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'''Insurance''', in [[law]] and [[economics]], is a form of [[risk management]] primarily used to hedge against the [[risk]] of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium, and can be thought of as a guaranteed small loss to prevent a large, possibly devastating loss. An '''insurer''' is a company selling the insurance; an '''insured''' is the person or entity buying the insurance. The ''' insurance rate ''' is a factor used to determine the amount to be charged for a certain amount of insurance coverage, called the '''premium'''. |
'''Insurance''', in [[law]] and [[economics]], is a form of [[risk management]] primarily used to hedge against the [[risk]] of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium, and can be thought of as a guaranteed small loss to prevent a large, possibly devastating loss. An '''insurer''' is a company selling the insurance; an '''insured''' is the person or entity buying the insurance. The ''' insurance rate ''' is a factor used to determine the amount to be charged for a certain amount of insurance coverage, called the '''premium'''. |
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Latest revision as of 10:23, 21 April 2010
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Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium, and can be thought of as a guaranteed small loss to prevent a large, possibly devastating loss. An insurer is a company selling the insurance; an insured is the person or entity buying the insurance. The insurance rate is a factor used to determine the amount to be charged for a certain amount of insurance coverage, called the premium.
Types of insurance
- Health insurance
- Life insurance
- Social security
Psychological factors affecting the decision to take out insurance
Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.