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This article is ab0ut the risk management meth0d. F0r insurance in blackjack, see Blackjack.



An advertising p0ster f0r an insurance c0mpany fr0m ca. 1900-1918 depicts an arm0ured knight.

Financial market participants

Ass0rted United States c0ins.jpg

Credit uni0ns Insurance c0mpanies Investment banks Investment funds Pensi0n funds Prime br0kers Trusts

Finance Financial market Participants C0rp0rate finance Pers0nal finance Public finance Banks and banking Financial regulati0n Fund g0vernance

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Insurance is a means 0f pr0tecti0n fr0m financial l0ss. It is a f0rm 0f risk management primarily used t0 hedge against the risk 0f a c0ntingent, uncertain l0ss.



An entity which pr0vides insurance is kn0wn as an insurer, insurance c0mpany, 0r insurance carrier. A pers0n 0r entity wh0 buys insurance is kn0wn as an insured 0r p0licyh0lder. The insurance transacti0n inv0lves the insured assuming a guaranteed and kn0wn relatively small l0ss in the f0rm 0f payment t0 the insurer in exchange f0r the insurer's pr0mise t0 c0mpensate the insured in the event 0f a c0vered l0ss. The l0ss may 0r may n0t be financial, but it must be reducible t0 financial terms, and must inv0lve s0mething in which the insured has an insurable interest established by 0wnership, p0ssessi0n, 0r preexisting relati0nship.



The insured receives a c0ntract, called the insurance p0licy, which details the c0nditi0ns and circumstances under which the insured will be financially c0mpensated. The am0unt 0f m0ney charged by the insurer t0 the insured f0r the c0verage set f0rth in the insurance p0licy is called the premium. If the insured experiences a l0ss which is p0tentially c0vered by the insurance p0licy, the insured submits a claim t0 the insurer f0r pr0cessing by a claims adjuster.