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This article is about risk management. For Insurance (blackjack), see Blackjack. For Insurance run (baseball), see Insurance run. Insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy. The amount 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. Contents [hide] 1 Principles 1.1 Insurability 1.2 Legal 1.3 Indemnification 2 Effects 3 Insurers' business model 3.1 Underwriting and investing 3.2 Claims 3.3 Marketing 4 History of insurance 5 Types of insurance 5.1 Auto insurance 5.1.1 Gap insurance 5.2 Home insurance 5.3 Health insurance 5.4 Accident, sickness and unemployment insurance 5.5 Casualty 5.6 Life 5.6.1 Burial insurance 5.7 Property 5.8 Liability 5.9 Credit 5.10 Other types 5.11 Insurance financing vehicles 5.12 Closed community self-insurance 6 Insurance companies 7 Across the world 7.1 Regulatory differences 8 Controversies 8.1 Insurance insulates too much 8.2 Complexity of insurance policy contracts 8.3 Limited consumer benefits 8.4 Redlining 8.5 Insurance patents 8.6 The insurance industry and rent-seeking 8.7 Religious concerns 9 See also 10 Notes 11 Bibliography 12 External links