Proper Definition of Insurance

Security Definition and terminology

Security can be defined as an assurance of compensation for specific losses in the future in a group insurance premium payments. Insurance, regardless of the file type is an essential economic tool aim to reduce financial risks and to ensure that the financial losses are kept to a minimum. Insurance Contract agreements between insurance companies and make sure topics.

The insurance industry

Security as a business major civilizations of mankind, when the merchant orders will ship sailing different seas hoping to minimize the losses that arose in the case of a shipwreck. I thought it was only in the wake of great tragedy, as in the 1666 fire in London. Disasters, such as the Great Fire of London, born different types of insurance such as casualty, property and fire insurance. Security became popular in the mid-19th century, only two years from its small beginnings in England.

Since then the industry has become more complex and more valuable benefits. It is not yet clear insurance benefit based on the fundamental principle that losses should be kept to a minimum. Modern insurance payments to an insurance company in exchange for a promise to pay for the procedures, health damage, etc.. In the event of an accident or a basic need. In today's culture, which is regarded as a necessity. His presence in the 21st century is evidenced by the massive intake of total annual premium cost billions, and his companies valued in the trillions.

In modern times, the development of the insurance industry, the majority of world opinion for disaster prevention and protection. Life and health insurance in the last century experience tremendous growth for the insurance business. The insurance industry has grown to become a real institution, with thousands of insurance companies worldwide billions of premiums collected annually and hold assets with an estimated value of trillions. Among several insurance companies that offer total coverage, including health insurance, auto, homeowners, life, disability, etc., and those who specialize in one or more of the above forms of security. With the deregulation of the banking system and broker the formation of large conglomerates that provide all possible financial services. It is now common for these big companies a variety of insurance benefit plans and services to offer.