Insurance is an agreement in which an organisation or a personal (Insured) pays an insurance company (Insurer) money (insurance premium) and the insurer pays the insured costs as financial compensation of loss, damage, or injury by an accident or incident risks. The Insurance can be one of the risk transfer methods.
Reference Definition by Businessdictionary.com: Insurance is a risk-transfer mechanism that ensures full or partial financial compensation for the loss or damage caused by event(s) beyond the control of the insured party. Under an insurance contract, a party (the insurer) indemnifies the other party (the insured) against a specified amount of loss, occurring from specified eventualities within a specified period, provided a fee called premium is paid. In general insurance, compensation is normally proportionate to the loss incurred, whereas in life insurance usually a fixed sum is paid.
Related Definitions in the Project: The Bond and Insurance; Project Management; Risk Management; Economic Reviews
Example Article of the Insurance:
Anti-Oil Activists Shift Focus to Insurers (Source: Oil Price on 26 February 2024): By Irina Slav - Big Oil and its allegedly exclusive role in bringing about apocalyptic climate change has been the ultimate villain in the eyes of climate activists. Calls for a forceful death of the industry have become the norm, and protests against oil and gas production are an everyday occurrence in the West. But activists are not only targeting their ultimate villain directly. They are also attacking proxy industries such as banks, which lend to the oil and gas industry. The offensive is yielding results: bank after bank pledges an end to funding for new oil and gas projects. Besides banks, however, there is another major pressure point activists are targeting: insurance. Last summer, a group of climate activist organizations organized protests against nine insurance companies, calling on them to refuse to provide coverage for the Eastern African Crude Oil Pipeline project. ...
