Insurance
Print Cite Share Links Written by Mark Richard Greene Fact-checked by The Editors of Encyclopaedia Britannica Updated: Mar. 31, 2024 • Article History Table Of Contents Flooding of a residential neighbourhood in New Orleans caused by Hurricane Katrina, August 2005. Paul Morse/The White House Key People: Edward M. Liddy Charlie Finley Charles Clinton Spaulding Lawrence James Adler Recent News Apr. 30, 2024, 2:34 AM UTC (Newsweek) America's Car Insurance Crisis Is Getting Worse Apr. 26, 2024, 3:34 AM UTC (ABC News (Australia)) Households are choosing food over insurance cover despite financial planners warning of big risks Show More insurance , a system under which the insurer, for a consideration usually agreed upon in advance, promises to reimburse the insured or to render services to the insured in the event that certain accidental occurrences result in losses during a given period. It thus is a method of coping with risk . Its primary function is to substitute certainty fo...
