Definition Of Insurance

The concept of insurance

• Definition 1:

Insurance is the contribution of the majority on the misfortune of the few

• Definition 2:

Insurance is a profession by which one party is assured the insured to pay an amount called a premium to get what they want for themselves or for a 3rd person in case the risk will occur a loss compensation is paid by another party:The insurer. The insurer claimed responsibility for all risks and compensation for damage according to the methods of statistical

• Definition 3:

Insurance can be defined as a reduction policies reduce risk by combining a sufficient number of units subject to variable loss of individual and community losses can be estimated

The definitions in favor of a certain research perspective (social or natural – a definition, or economic nature, the law – definition 2, or of technical calculation – definition 3).

According to the French definition of satisfying the social aspect (for social insurance) has met the economic aspects (for commercial insurance) and has adequate technical aspects and possible legal statements as follows:

“Insurance is an activity through which an individual is entitled to an allowance due to his contributions to the second or third in the event of a risk. This allowance paid by an organization, the this organization is responsible for all of the risks and compensation for damages according to the methods of statistics ”

Some issues to be debated:

• The insurance contract is too much of the exclusion clause

• Compared with betting

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