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  Five Parts of Insurance Policy

  Declarations
  Insuring Agreements
  Definitions
  Exclusions
  Conditions
 
 Life Insurance

  Life Insurance
  Terms Life Insurance
  Whole Life Insurance
  Universal Life Insurance
  Children's Life Insurance 
  Senior Life Insurance 
  Health Insurance

  Health Insurance
  Managed Care
  Fee-For-Service Health Plan
  Health Maintenance Organization
  Point-of-Service Plans
  Preferred Provider Organizations

 

 

 

 

 

  Insurable Risk

An insurable risk is a risk that meets the ideal criteria for efficient insurance. The concept of insurable risk underlies nearly all insurance decisions.

Let's use automobile insurance as an example of insurable risk. If you take out one of the above 6 parameters, auto insurance probably wouldn't exist. For example, having a vehicle totaled may be catastrophic (parameter 3) for some people in the insurance pool but overall it isn't catastrophic to the population of insureds as a whole. Hence, it is insurable risk.

  Auto Insurance

  Auto Insurance
  Third Party
  Third Party, Fire & Theft
  Comprehensive Insurance
 
  Home Insurance

  Home Insurance
  Comprehensive
  Basic/Named Perils
  Broad
  No Frills 
 Liability Insurance

  Public Liability
  Product Liability
  Employers Liability
  General Liability
  Insurable Risk

 

 


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