A risk management and control strategy that involves the contractual shifting of a pure risk from one party to another.

The state of being responsible for something, especially by law.

A method of self-insurance whereby the organization retains a reserve fund for the purpose of offsetting unexpected financial claims.

An amount to be paid for an insurance policy.

The chance of something happening with a certain number of occurrences.

A person or company that underwrites an insurance risk; the party in an insurance policy is issued.

A formal request to an insurance company asking for a payment based on the terms of the insurance policy.

A practice by which a company provides a guarantee of compensation for specific loss, damage, illness, or death in return for payment of a premium.

The total amount and type of insurance carried.

Taking precautionary measures to reduce the likelihood of a loss, or to reduce the severity of a possible loss.

An insurance policy is a legally binding contract between an insurance company and the person who buys the policy, commonly called the "policyholder", who also is often the person insured.

Is the elimination of hazards, activities and exposures that can negatively affect an organization's assets.

Putting together premiums with many other people.

The person, group, or property for which an insurance policy is issued.