Insurance: Difference between revisions
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Revision as of 20:09, 26 June 2022
1. Risk management - transferring & pooling risk - commercial.
A contract designed to provide protection against specified types of risk or loss, by paying out to the insured party in the event that the insured loss occurs.
Insurance is generally provided by specialist insurance companies, to whom an insurance premium is paid by the insured in advance.
2. Risk management - transferring & pooling risk - commercial.
The act or structure of providing insurance on a commercial basis, or of buying it.
3. Risk management - market stability - regulation.
The actions or structures of a regulator or supervisor to ensure market stability, whether or not they are provided on commercial terms.
For example, the liquidity insurance provided by the Bank of England in acting as a lender of last resort for banks and other financial market participants.
Retail deposit insurance is another example.
See also
- Assurance
- Captive insurance company
- Chartered Insurance Institute
- Deposit insurance
- Excess
- Financial Conduct Authority
- Fixing instrument
- Force majeure
- GI
- Hedging
- HMO
- International Association of Insurance Supervisors (IAIS)
- ILS
- Insurable
- Insurance risk
- Insure
- Lender of last resort
- Liquidity insurance
- National Insurance
- Option
- Premium
- Price walking
- Regulation
- Reinsurance
- Risk
- Risk management
- Risk response
- Supervision
- Trade credit insurance
- Transfer
- Underwriting
