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The Metropolitan Life Insurance Company is one of the world's largest New York based life insurance companies
Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium. Insurer is the company that sells the insurance. Insurance rate is a factor used to determine the amount, called the premium, to be charged for a certain amount of insurance coverage. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.
Contents
1 Principles of insurance
2 Indemnification
3 Insurer’s business model
4 History of insurance
5 Types of insurance
5.1 Health
5.2 Disability
5.3 Casualty
5.4 Life insurance
5.5 Property
5.6 Liability
5.7 Credit
5.8 Other types
5.9 Insurance financing vehicles
6 Insurance companies
7 Global insurance industry
8 Controversies
8.1 Insurance insulates too much
8.2 Closed community self-insurance
8.3 Complexity of insurance policy contracts
8.4 Redlining
8.5 Insurance patents
8.6 The insurance industry and rent seeking
8.7 Criticism of insurance companies
9 Glossary
10 See also
11
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