insurance basics

Theoretical Insurance Basics

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Theoretical Insurance Basics

insurance basics

Worldwide there are currently many different content insurance theories. The insurance activities by different theories are understood and defined differently.

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The basic insurance theories are:Damage theory, stating that insurance is an activity in which policyholder receives the recovery for pecuniary or non-pecuniary damage incurred during the insured event. This theory is quite popular in Anglo-Saxon, Spanish and French insurance literature.

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Other insurance theory – demand theory which states that insurance is a process by which a member of insurance group is secured the satisfaction of the need incurred because of insured event. This theory currently is perhaps one of the most widely used insurance theories. One more principle of insurance is the theory of protecting, assessing the insurance as a measure to reduce the feeling of insecurity, ensuring protection from possible risks and threats.

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Insurance principles are complemented by the theory of companies, defining insurance as planned ongoing activities based on monetary relations,

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in whom insurance companies give the policyholders which are at risk of the same type, the insurance coverage. Next principle of insurance is the theory of risk community, stating that individuals giving the insurance company the same type risk, at the same time can be considered as risk community members.

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