risk transfer mechanism to
other parties that guarantee compensation
fully or partially
financially for losses or damages caused by events beyond the control of the
insured in this case is the customer's insurance products .
In the insurance contract ,
the insurance company to compensate the other party ( the insured ) against
loss in a certain amount of probable losses that occurred in the specified
period of time, as long as the cost of the so-called premium paid .
In general insurance ,
compensation is usually proportionate to the damage suffered , while life
insurance is usually paid by a fixed amount . Some types of insurance ( such as
insurance products ) is an important component of risk management , and it is
mandatory in some countries .
Insurance provides
protection against the loss of something intangible . This insurance can not
ensure business continuity , market share , or customer confidence , and can
not provide compensation in the form of knowledge , skills , or resources to
continue operating .
