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Insurance
Insurance is defined as the transfer of the risk of a loss from one entity to another. In the economics, the insurer is the company that sells the insurance. In the law and economics, it is the form of risk management against the risk of uncertain loss.
There are seven types of principles such as definite loss, accidential loss, large loss, calculable loss, affordable premium and a large number of homogeneous exposure units.
All these seven types of principles are explained below:
Definite loss
The definite loss event gives the rise to the loss that is subject to the insurance should be at least in principles that take place at a known time, in a known place and from a known cause. The main example of the definite loss is the death of an insured on a life insurance policy.
Large loss
In the large losses, the insurance premiums need to cover the cost of loses plus the cost of issuing and adjusting the loses. There is a very little point in paying such costs unless the protection is offered to the buyer for the real value.
Affordable premium
It is not likely that anyone buy insurance even if no offer. In this premium, if the likelihood of an insured event is very high or the cost of the event is very large then the resulting premium is offered the very large relative amount.
Calculable loss
There are two types of elements if it is not formally calculable: first one is the attendant cost and the second one is the probability of loss.
Accidental loss
In the accidental loss, it should be pure, that it results from an event for which there is only the opportunity of cost. In the events that contain the speculative type of elements like ordinary business risks, which are considered the insurable.
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