Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss.
An insurer, or insurance carrier, is a company selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy. The amount of money to be charged for a certain amount of insurance coverage is called the premium. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.
The 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 to compensate (indemnify) the insured in the case of a financial (personal) loss. The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated.
Insurance in the United States
- Ameritas Life Insurance Company
- Acuity
- American International Group (AIG)
- Aetna
- Aflac
- Allied Insurance
- Allstate
- 21st Century Insurance
- American Automobile Association
- American Family Insurance
- Alleghany Corporation
- American Income Life Insurance Company
- American National Insurance Company
- Amica Mutual Insurance
- ACE Limited
- Applied Underwriters
- Arbella Insurance Group
- Assurant
- Assurity Life Insurance Company
- Auto-Owners Insurance
