Insurance

Payment made to an insured person who has suffered a loss.

Insured amount ÷ Actual value x Damage

This states that if something is insured for only a portion its value, the insurer is only liable for the same portion of the loss.

You cannot make a profit from an insurance claim

The money paid for insurance - to cover the risk

If you insure an asset with a number of insurance companies, you will not receive compensation from each.

Risk management is the process to identify, reduce the risk and then insure the remaining risk.

When applying for insurance the applicant must disclose all material facts.

Health insurance, Life Insurance, House Insurance

Protection against financial loss caused by something that might happen.