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?
The amount of money a carrier charges for coverage is called a premium.
right,do you think premiums are too high?
The insured receives a contract called a policy. It has specifications and regulations and limits.
Are you familiar with the Turing test?
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
Stop-loss insurance
Stop-loss insurance is insurance that protects insurers against large claims. Stop-loss policies take effect after a certain threshold has been exceeded in claims.
Overview.
Insurance companies themselves, as well as self-insuring employers, purchase stop-loss coverage for a premium to protect themselves. In the case of a participant reaching more than the specific (or "individual") stop-loss deductible ($300,000, for example), the insurer will reimburse the insured (the company