1. Property & Casualty Insurance Basics

1. Property & Casualty Insurance Basics Let's start by discussing some important Insurance terms and concepts. Insurance The concept of Insurance is really quite simple. Insurance is a method for spreading the risk of a financial loss among a large number of people. By spreading the risk, we are reducing the financial impact of an individual loss. So how do we do that? You, along with millions of other people, simply purchase an Insurance policy from an Insurance company although not necessarily at the same time. In return, this transfers your risk of loss to the Insurance company reducing the amount that you will be financially responsible for in the event of a covered loss. Purpose of Insurance As you can probably guess, Insurance has evolved considerably since its very early days.

poker skills and hands he is dealt. This has the opportunity for a win or a loss… a speculative risk. Keep in mind that speculative risks are not generally insurable. When was the last time you heard of an insurance company offering Texas Hold'em coverage?? Unlike speculative risks, pure risks only offer the possibility of loss.

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