I love insurance. I beleive in being over insured. It is a means of protection from a financial loss.
What do you mean by over insured?
More coverage than needed. A place that provides insurance is known as an insurer, insurance company or carrier.
And you think having more than you need is a good thing?
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. The insurer may hedge its own risk by taking out reinsurance, whereby another insurance company agrees to carry some of the risk, especially if the primary insurer deems the risk too large for it to carry.
History.
History Early methods.
Methods for transferring or distributing risk were practiced by Chinese and Babylonian traders as long ago as
Insurance
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 or uncertain loss.
An entity which provides insurance is known as an insurer, insurance company, insurance carrier or underwriter. A person or entity who buys insurance is known as an insured or as a 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