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The unpredictability of life makes it very important to have an insurance. An insurance cover helps keep the family afloat during rough times, like the death of a family member, accident, theft, etc.
Insurance Definition and Terminology
Insurance can be defined as an assurance of a compensation for specific losses in the future, against a set of payments, called insurance premiums. Insurance, regardless of the type, is an essential economic tool meant to reduce financial risks and to ensure that financial losses are kept to a minimum. Insurance policies are the contract agreements done between the insurance companies and the insured subject.
Insurance Industry
Insurance as a business originated with the great civilizations of mankind, when merchants would ship orders in several sea-faring vessels, with the hope of minimizing losses in the event of a shipwreck. Then it was thought of only in the aftermath of great tragedy, as in the 1666 fire in London. Disasters, such as London's Great Fire, gave birth to some insurance types, such as property, casualty, and fire insurance. Insurance became popular in the mid 19th century, only two hundred years after its small beginning in England.
Since then, the industry has come a long way, and has become more complex. However, the obvious benefit of insurance is still based on the basic principle that losses should be kept to a minimum. Modern insurance entails payments to an insurance company in exchange for the promise to pay for damages, health procedures, etc., in the event of an accident or basic need. In today’s culture, insurance coverage is considered a necessity. Its presence in a 21st century industry, is proven by the massive intake of yearly premiums totaling sums in billions, and its holdings valued in trillions.
In modern times, the evolution of the insurance industry has transformed most of the world's view on disaster prevention and protection. Life and health insurance have experienced the highest growth rate for the insurance business in the past century. The insurance industry has grown to become a veritable institution, with thousands of insurance companies worldwide collecting billions in premiums each year and holding assets with an estimated value of trillions. Among the various insurance companies are those that offer general insurance coverage, including health, automobile, homeowners, life, disability, etc., and those who specialize in one or more of the aforementioned types of insurance. With the deregulation of the banking and brokerage industries, large conglomerates have been formed, that offer every imaginable financial service. It is now common for these large corporations, to offer a variety of insurance benefit plans and services.
