Forex-trading-basics-in-marathi-renuka

Forex-trading-basics-in-marathi-renuka

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Ditambah 500 kalender kalender forex perdamaian
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Tutorial Trading Forex untuk Pemula Membuat Forex Trading Anotasi Sederhana Apa yang diperdagangkan di pasar Forex Jawabannya sederhana: mata uang dari berbagai negara. Semua peserta pasar membeli satu mata uang dan membayar satu untuknya. Setiap perdagangan Forex dilakukan oleh instrumen keuangan yang berbeda, seperti mata uang, logam, dan sebagainya. Pasar Valuta Asing tidak terbatas, dengan omzet harian yang mencapai triliunan transaksi dolar dilakukan melalui Internet dalam hitungan detik. Mata uang utama dikutip terhadap dolar A.S. (USD). Mata uang pertama dari pasangan ini disebut mata uang dasar dan yang kedua dikutip. Pasangan mata uang yang tidak termasuk USD disebut cross-rates. Pasar Forex membuka banyak kesempatan bagi pendatang baru untuk belajar, berkomunikasi, dan meningkatkan kemampuan trading melalui Internet. Tutorial Forex ini ditujukan untuk memberikan informasi menyeluruh tentang perdagangan Forex dan memudahkan para pemula untuk terlibat. Dasar-Dasar Perdagangan Forex untuk Pemula: Peserta Pasar, Keuntungan Pasar Forex Mata Uang Fitur Perdagangan: Teknik trading forex online Contoh Metode Analisis Perdagangan Riil Panduan Forex: Top 5 Tips Memandu Anda Download buku tutorial trading forex dalam format PDF Tertarik dengan CFD Trading Read Tutorial CFD lengkap kami (PDF). Trading Forex Setiap aktivitas di pasar keuangan, seperti trading Forex atau menganalisa pasar membutuhkan pengetahuan dan basis yang kuat. Siapa pun yang meninggalkan ini di tangan keberuntungan atau kebetulan, berakhir dengan apa-apa, karena perdagangan online bukan tentang keberuntungan, tapi ini tentang memprediksi pasar dan membuat keputusan yang tepat pada saat yang tepat. Pedagang yang berpengalaman menggunakan berbagai metode untuk membuat prediksi, seperti indikator teknis dan alat bermanfaat lainnya. Meski begitu, cukup sulit bagi seorang pemula, karena ada kekurangan latihan. Itulah sebabnya kami sampaikan berbagai materi tentang pasar, perdagangan Forex. Indikator teknis dan sebagainya sehingga mereka dapat menggunakannya dalam kegiatan masa depan mereka. Salah satu buku tersebut adalah Make Forex trading sederhana yang dirancang khusus bagi mereka yang tidak mengerti apa pasarnya dan bagaimana menggunakannya untuk spekulasi. Disini mereka bisa mengetahui siapa pelaku pasar, kapan dan dimana segala sesuatu terjadi, lihatlah instrumen perdagangan utama dan lihat contoh trading untuk memori visual. Selain itu, ini mencakup bagian tentang analisis teknis dan fundamental, yang merupakan bagian perdagangan penting dan sangat diperlukan untuk strategi perdagangan yang baik. IFCMARKETS CORP 2006-2017 IFC Markets adalah broker terkemuka di pasar keuangan internasional yang menyediakan layanan perdagangan Forex online, serta CFD future, index, stock and commodity. Perusahaan telah terus bekerja sejak tahun 2006 melayani pelanggannya dalam 18 bahasa dari 60 negara di seluruh dunia, sesuai sepenuhnya dengan standar internasional layanan perantara. Peringatan Peringatan Resiko: Perdagangan valas dan CFD di pasar OTC melibatkan risiko dan kerugian yang signifikan dapat melebihi investasi Anda. IFC Markets tidak menyediakan layanan untuk penduduk Amerika Serikat dan Jepang. Bagaimana Memulai Perdagangan: Perdagangan Sebagai Bisnis Gagasan untuk mencari nafkah adalah menarik bagi banyak orang: Anda bisa menjadi atasan Anda sendiri, tetapkan jadwal dan pekerjaan Anda sendiri dari Rumah sambil menikmati potensi penghasilan tak terbatas. Selain faktor-faktor ini, siapapun yang memiliki komputer, koneksi internet dan akun perdagangan kecil dapat mencobanya. Tidak seperti banyak pekerjaan lain, tidak ada gelar, pelatihan khusus atau pengalaman diperlukan. 13 13Karena faktor-faktor ini, orang sering gagal untuk mengakui atau menyadari komitmen finansial, emosional dan waktu yang dibutuhkan untuk membangun bisnis perdagangan yang sukses. Berikut adalah beberapa fakta cepat tentang perdagangan: 13 Sekitar 90 pedagang hari gagal dalam tahun pertama 13 Tidak ada cara untuk menghilangkan risiko dalam perdagangan 13 Tidak ada sistem perdagangan yang berhasil 100 kali 13 Anda akan selalu kehilangan perdagangan, bahkan Jika Anda seorang pedagang bintang batu 13 Anda butuh uang untuk menghasilkan uang, butuh waktu lama untuk menjadi kaya dengan akun trading kecil 13 Pedagang independen yang sukses bisa mendapatkan penghasilan yang nyaman, tapi kebanyakan tidak menjadi kaya raya 13 Kemudahan di mana Anda Bisa mulai trading (cukup buka akun trading dan tekan tombol buy) sama sekali tidak menyiratkan bahwa menjadi trader yang sukses dan menguntungkan itu mudah. Banyak dari 90 pedagang yang gagal dalam tahun pertama melakukannya karena mereka memulai trading tanpa mengembangkan jenis bisnis logis atau rencana trading apa pun. Setiap bisnis yang masuk dengan kurangnya perencanaan sepertinya akan gagal. 13 13Ada juga banyak penipuan yang terkait dengan pembelajaran bisnis perdagangan. Infomersial larut malam dan ratusan situs web akan membuat Anda yakin bahwa perdagangan itu mudah dan siapa pun dapat menghasilkan pendapatan yang besar dan konsisten dari pasar keuangan. Meskipun mungkin ada kasus langka dimana seorang trader berhasil menghasilkan sejumlah besar uang dalam waktu singkat, ini bukan norma. Bagi kebanyakan orang, perdagangan melibatkan banyak kerja keras sebelum menjadi sukses. 13 Sebagai bisnis, perdagangan membutuhkan penelitian, evaluasi dan disiplin yang konstan. Tidak ada jaminan dalam bisnis perdagangan, dan Anda bisa bekerja 40 jam seminggu dan akhirnya kehilangan uang. Siapa pun yang mempertimbangkan trading harus memastikan mereka memiliki kepribadian dan sarana finansial untuk melakukan aktivitas bisnis jenis ini. 13Anda mungkin bertanya pada diri sendiri: 13 Apakah saya terdorong untuk berhasil 13 Bagaimana cara mengatasi kehilangan 13 Apakah saya mempunyai waktu untuk mengabdikan diri untuk mempelajari bisnis perdagangan 13 Dapatkah saya mengikuti rencana 13 Apakah saya mempunyai dukungan keluarga 13 Apakah saya mempunyai uang yang Saya mampu untuk kehilangan 13 Bagaimana cara mengatasi stres 13 Apakah saya memiliki harapan yang realistis 13 Jika Anda ingin menjadi pedagang paruh waktu atau penuh waktu, penting bagi Anda meluangkan waktu untuk meneliti dan merencanakan bisnis perdagangan Anda. Langkah penting dalam kesuksesan keseluruhan Anda sebagai trader. Ini bukan profesi di mana Anda akan menjadi ahli dalam semalam. Pedagang yang memulai trading terlalu cepat atau tanpa trading plan yang diteliti dengan baik sering menemukan diri mereka kembali pada awalnya, namun dengan modal perdagangan yang jauh lebih sedikit. Pedagang yang memiliki harapan yang realistis dan yang memperlakukan perdagangan sebagai bisnis dan bukan sebagai hobi atau skema cepat kaya cenderung mengalahkan peluang dan menjadi bagian dari kelompok pedagang yang sukses. Entah Anda seorang pemula atau ahli, 10 aturan ini harus menjadi tulang punggung karir trading Anda. Kami menunjukkan kepada Anda alat sederhana, tersedia bagi semua orang, untuk sukses sebagai trader aktif: pendidikan, pengalaman, grafik, visi, dan sistem manajemen risiko. Perdagangan yang berhasil melibatkan lebih dari sekedar membaca beberapa artikel atau buku: Anda harus merencanakan untuk mencurahkan sejumlah besar waktu dan usaha sebelum pernah menempatkan perdagangan di pasar live. Jika Anda ingin memperdagangkan futures dengan harapan Anda akan kaya, Anda harus menjawab beberapa pertanyaan terlebih dahulu. Siap keluar dari pekerjaan sehari-hari dan menjadi trader penuh waktu Tip-tip ini akan membantu Anda menentukan bidang keahlian Anda. Setiap karir trading akan mengalami pasang surutnya. Cari tahu bagaimana memaksimalkan masa-masa indah. Kami melihat pelatihan, peralatan, peralatan dan strategi yang dibutuhkan untuk sukses sebagai day trader. Bagaimana menyeimbangkan transaksi yang diantisipasi vs dikonfirmasi untuk mengelola potensi keuntungan dan menurunkan risiko. Pertanyaan yang Sering Diajukan Depresiasi dapat digunakan sebagai biaya yang dapat dikurangkan dari pajak untuk mengurangi biaya pajak, meningkatkan arus kas Pelajari bagaimana Warren Buffett menjadi sangat sukses melalui kehadirannya di beberapa sekolah bergengsi dan pengalaman dunia nyata. CFA Institute memungkinkan seseorang melakukan upaya yang tidak terbatas dalam setiap ujian. Meskipun Anda dapat mencoba pemeriksaan tersebut. Pelajari tentang rata-rata gaji analis pasar saham di A.S. dan berbagai faktor yang mempengaruhi gaji dan tingkat keseluruhan. Pertanyaan yang Sering Diajukan Depresiasi dapat digunakan sebagai biaya yang dapat dikurangkan dari pajak untuk mengurangi biaya pajak, meningkatkan arus kas Pelajari bagaimana Warren Buffett menjadi sangat sukses melalui kehadirannya di beberapa sekolah bergengsi dan pengalaman dunia nyata. CFA Institute memungkinkan seseorang melakukan upaya yang tidak terbatas dalam setiap ujian. Meskipun Anda dapat mencoba pemeriksaan tersebut. Pelajari tentang gaji analis pasar rata-rata di AS dan berbagai faktor yang mempengaruhi gaji dan tingkat keseluruhan. Perawatan hati adalah istilah keseluruhan untuk kebersihan dan tata rias yang melibatkan rambut yang tumbuh dari kulit kepala manusia, dan pada tingkat yang lebih rendah, kemaluan dan lainnya. rambut tubuh. Rutin perawatan rambut berbeda sesuai dengan budaya individu dan karakteristik fisik rambut seseorang. Rambut dapat diwarnai, dipangkas, dicukur, dipetik, atau dibuang dengan perawatan seperti waxing, sugaring, dan threading. Layanan perawatan rambut ditawarkan di salon, pangkas rambut, dan spa hari, dan produk tersedia secara komersial untuk keperluan rumah tangga. Laser hair removal dan elektrolisis juga tersedia, meskipun disediakan di AS oleh profesional berlisensi di kantor medis atau spa khusus. Isi Pembersihan dan pengkondisian rambut Proses biologis dan kebersihan Pembersihan rambut Alat penata rambut Peralatan tata rambut Produk rambut Panjang rambut 4 Perubahan kimia 4.1 Pewarnaan rambut 4.2 Perms dan pelurus kimia 5 Pertimbangan khusus untuk jenis rambut 5.1 Rambut panjang 5.2 Kulit halus 6 Perawatan kerusakan 6.1 Pemisahan berakhir 6.2 Kerusakan dan kerusakan lainnya 6.3 Kerontokan rambut umum 6.4 Perawatan dan nutrisi rambut 7 Lihat juga 8 Referensi Pembersihan dan pengondisian rambut Bagian ini tidak menyebutkan sumber. Tolong bantu memperbaiki bagian ini dengan menambahkan kutipan ke sumber terpercaya. Materi yang tidak aman dapat ditantang dan dihapus. (Agustus 2012) (Pelajari bagaimana dan kapan harus menghapus pesan template ini) Proses biologis dan higiene Rambut manusia close-up Perawatan rambut dan perawatan kulit kepala mungkin tampak terpisah, namun sebenarnya terjalin karena rambut tumbuh dari bawah kulit. Bagian rambut yang hidup (folikel rambut, akar rambut, selubung akar, dan kelenjar sebaceous) berada di bawah kulit, sementara batang rambut sebenarnya yang muncul (kutikula yang menutupi korteks dan medula) tidak memiliki proses kehidupan. Kerusakan atau perubahan yang dilakukan pada poros rambut yang terlihat tidak dapat diperbaiki dengan proses biologis, meski banyak yang bisa dilakukan untuk mengelola rambut dan memastikan agar kutikula tetap utuh. Kulit kepala, sama seperti kulit lainnya di tubuh, harus tetap sehat untuk memastikan tubuh sehat dan produksi rambut sehat. Jika kulit kepala dibersihkan secara teratur oleh mereka yang memiliki rambut kasar atau memiliki masalah rambut rontok, hal itu bisa berakibat pada hilangnya rambut. Namun, tidak semua kelainan kulit kepala merupakan hasil infeksi bakteri. Beberapa timbul tanpa bisa dijelaskan, dan seringkali hanya gejala yang bisa diobati untuk pengelolaan kondisi (contoh: ketombe). Ada juga bakteri yang bisa mempengaruhi rambut itu sendiri. Kutu kepala mungkin adalah penyakit rambut dan kulit kepala yang paling umum di seluruh dunia. Kutu kepala dapat diangkat dengan perhatian besar terhadap detail, dan penelitian menunjukkan bahwa hal itu tidak harus dikaitkan dengan kebersihan yang buruk. Studi yang lebih baru mengungkapkan bahwa kutu rambut benar-benar berkembang dengan rambut bersih. Dengan cara ini, mencuci rambut sebagai istilah mungkin sedikit menyesatkan, karena yang diperlukan dalam produksi dan perawatan rambut yang sehat seringkali hanya membersihkan permukaan kulit kepala, seperti kulit di seluruh tubuh membutuhkan pembersihan untuk kebersihan yang baik. Kelenjar sebaceous pada kulit manusia menghasilkan sebum, yang terutama terdiri dari asam lemak. Sebum bertindak untuk melindungi rambut dan kulit, dan bisa menghambat pertumbuhan mikroorganisme pada kulit. Sebum berkontribusi terhadap pH alami asam sedikit di antara 5 dan 6,8 pada spektrum pH. Zat berminyak ini memberi kelembaban rambut dan bersinar saat bergerak secara alami di batang rambut, dan berfungsi sebagai zat pelindung dengan mencegah agar rambut tidak mengering atau menyerap zat eksternal dalam jumlah berlebihan. Sebum juga didistribusikan ke batang rambut 8220 secara mekanis8221 dengan menyikat dan menyisir. Bila sebum hadir secara berlebihan, akar rambut bisa tampak berminyak, berminyak, dan lebih gelap dari biasanya, dan rambut bisa tetap bersatu. Pembersih rambut Salah satu cara untuk mendistribusikan rambut minyak alami melalui rambut adalah dengan menyikat gigi dengan sikat bulu alami. Bulu alami secara efektif memindahkan minyak dari kulit kepala sampai ke rambut pertengahan dan ujungnya, memberi nutrisi pada bagian rambut ini. Menyikat kulit kepala juga menstimulasi kelenjar sebaceous, yang pada gilirannya menghasilkan lebih banyak sebum. Saat sebum dan keringat bergabung di permukaan kulit kepala, mereka membantu menciptakan lapisan asam, yang merupakan lapisan pelindung kulit sendiri. Mencuci rambut menghilangkan kelebihan keringat dan minyak, serta produk yang tidak diinginkan dari rambut dan kulit kepala. Seringkali rambut dicuci sebagai bagian dari shower atau mandi dengan sampo, surfaktan khusus. Shampo bekerja dengan mengoleskan air dan sampo ke rambut. Sampo ini memecahkan ketegangan permukaan air, membiarkan rambut menjadi basah kuyup. Ini dikenal sebagai tindakan pembasahan. Tindakan pembasahan disebabkan oleh kepala molekul shampo yang menarik air ke batang rambut. Sebaliknya, ekor molekul shampoo tertarik pada minyak, kotoran dan minyak pada batang rambut. Tindakan fisik keramas membuat minyak dan kotoran menjadi emulsi yang kemudian dibilas dengan air. Ini dikenal sebagai aksi pengemulsi. Sulfat shampo bebas kurang merugikan pada rambut yang diobati dengan warna daripada shampo normal yang mengandung sulfat. Sulfat menghilangkan minyak alami sekaligus pewarna rambut. Sulfat juga bertanggung jawab atas efek pembusaan dari shampo. Shampo memiliki pH antara 4 dan 6. Shampo asam adalah tipe yang paling umum digunakan dan merawat atau memperbaiki kondisi rambut karena mereka tidak membengkak dari hairshaft dan jangan strip minyak alami. Kondisioner sering digunakan setelah keramas untuk menghaluskan lapisan kutikula rambut, yang bisa menjadi kasar selama proses keramas. Ada tiga tipe kondisioner utama: kondisioner anti-oksidan, yang terutama digunakan di salon setelah perawatan kimia dan mencegah kondisioner internal oksidasi merayap, yang masuk ke dalam korteks rambut dan membantu memperbaiki kondisi internal rambut (juga dikenal sebagai perawatan) Dan conditioner eksternal, atau conditioner sehari-hari, yang menghaluskan lapisan kutikula, membuat rambut mengkilap, mudah terbakar dan halus. Kondisioner juga bisa memberikan lapisan perlindungan fisik untuk rambut terhadap kerusakan fisik dan lingkungan. Alat penata rambut Artikel utama: Peralatan tata rambut Perlengkapan tata rambut Perlengkapan styling rambut yang membantu dalam menciptakan gaya rambut meliputi: Blowdryer Butterfly Clips Sisir rambut besi Rol rambut Pelurus rambut Hair trimmers Hairbrush Hairpin Headband Kanzashi Pita rambut dasi Gunting Kapas shower Produk rambut Produk kosmetik yang digunakan untuk membuat dan Menjaga gaya rambut meliputi: pewarnaan rambut Hair conditioner Hair gel Hair lem Hair mousse Hair serum Hair spray Hair tonic Hair wax Pomade Rambut panjang Botak 8211 tidak memiliki rambut sama sekali di kepala Dicukur 8211 rambut yang benar-benar dicukur ke kulit kepala rambut Buzz 8211 yang Sangat pendek dan hampir tidak ada Cropped 8211 rambut yang sedikit lebih panjang dari buzz Pendek punggung dan sisi 8211 rambut yang lebih panjang dari pada tanaman, namun belum menyentuh telinga. Panjang rambut 8211 mencapai rambut telinga tingkat Chin 8211 tumbuh. Sampai ke dagu Flip-level 8211 rambut mencapai leher atau bahu Panjang bahu 8211 rambut mencapai pundak Lengan tali Rambut 8211 panjangnya mencapai ketiak Rambut midback level 8211 yang kira-kira sama dengan bagian terluas dari tulang rusuk dan area dada Rambut panjang paha 8211 yang jatuh di bagian terkecil pinggang, sedikit di atas pinggul. Tulang Hip-panjang 8211 rambut mencapai bagian atas pinggul yang Tailbone-panjang 8211 rambut yang berada di sekitar area tulang ekor yang panjang Klasik panjang 8211 rambut yang mencapai tempat kaki mana bertemu pantatnya Rambut paha 8211 yang berada di pertengahan -Tinggi Knee-length 8211 rambut yang ada di kaki betis betis-panjang 8211 rambut yang ada di betis Lantai-panjang 8211 rambut yang sampai di lantai Perubahan kimia Perubahan kimia seperti perming, pewarnaan bisa dilakukan untuk mengubah warna dan tekstur yang dirasakan. Dari rambut. Semua ini adalah perubahan sementara karena perubahan permanen tidak mungkin dilakukan saat ini. Perubahan kimiawi rambut hanya mempengaruhi rambut di atas kulit kepala kecuali akar rambut yang rusak, rambut baru akan tumbuh dengan warna dan tekstur alami. Pewarnaan rambut Pewarnaan rambut adalah proses menambahkan pigmen ke atau menghilangkan pigmen dari batang rambut. Proses pewarnaan rambut dapat disebut pewarnaan atau pemutihan, tergantung pada apakah Anda menambahkan atau menghilangkan pigmen. Pewarna rambut sementara hanya melapisi poros dengan pigmen yang kemudian dicuci. Perubahan warna yang paling permanen mengharuskan kutikula dibuka sehingga perubahan warna bisa terjadi di kutikula. Proses ini, yang menggunakan bahan kimia untuk mengubah struktur rambut, dapat merusak kutikula atau struktur internal rambut, membuatnya kering, lemah, atau rentan terhadap kerusakan. Setelah pengolahan rambut, kutikula mungkin tidak sepenuhnya tertutup, yang berakibat pada rambut kasar atau kehilangan pigmen yang dipercepat. Umumnya, pemantik warna yang dipilih dari warna rambut awal, semakin rusak. Pilihan lain untuk menerapkan warna pada rambut selain pewarna kimia termasuk penggunaan ramuan semacam itu sebagai henna dan nila, atau memilih solusi bebas amonia. Perms dan pelurusan kimia Perms dan relaksasi dengan menggunakan pelepas atau rekondisi termal melibatkan perubahan kimia struktur internal rambut untuk mempengaruhi keriting atau kelurusannya. Rambut yang telah mengalami penggunaan permanen lebih lemah karena penerapan bahan kimia, dan harus ditangani dengan lembut dan dengan perawatan lebih dari pada rambut yang tidak diubah secara kimia. Pertimbangan khusus untuk jenis rambut Rambut panjang Banyak industri memiliki persyaratan untuk rambut yang terkandung untuk mencegah cedera pekerja. Ini bisa mencakup orang-orang yang bekerja di bidang konstruksi, utilitas, dan toko mesin dari berbagai jenis. Selain itu, banyak profesi membutuhkan rambut karena alasan kesehatan masyarakat, dan contoh utama adalah industri makanan. Ada juga olahraga yang mungkin memerlukan kendala yang sama untuk alasan keamanan: menjaga agar rambut tidak terlihat dan menghalangi pandangan, dan untuk mencegah tertangkap peralatan olah raga atau pepohonan dan semak belukar, atau rambut kusut dalam kondisi cuaca buruk atau air. Keselamatan biasanya alasan di balik tidak membiarkan rambut terbang lepas di punggung sepeda motor dan mobil sport terbuka untuk rambut yang lebih panjang. Kulit halus Kulit kepala bayi dan orang tua serupa dengan produksi kelenjar sebaceous yang lemah, karena kadar hormon. Kelenjar sebaceous mengeluarkan sebum, ester lilin, yang mempertahankan lapisan asam dari kulit kepala dan menyediakan lapisan yang membuat kulit menjadi lentur dan lembab. Sebum membangun secara berlebihan, antara setiap 282113 hari untuk orang dewasa rata-rata. Mereka yang memiliki kulit halus bisa mengalami interval yang lebih lama. Remaja sering membutuhkan mencuci rambut setiap hari. Sebum juga menanamkan lapisan pelindung pada untai rambut. Pembersihan harian akan menghilangkan sebum setiap hari dan memicu peningkatan produksi sebum, karena kulit memperhatikan kulit kepala yang kurang memiliki kelembaban yang cukup. Dalam kasus kelainan kulit kepala, bagaimanapun, ini mungkin tidak terjadi. Untuk bayi dan orang tua, produksi kelenjar sebaceous tidak pada puncaknya, sehingga mencuci setiap hari biasanya tidak diperlukan. Pengobatan kerusakan Split berakhir Ujung split, dikenal secara formal sebagai trichoptilosis, terjadi saat kutikula pelindung telah dilucuti dari ujung serat rambut. Kondisi ini melibatkan perpecahan membujur dari serat rambut. Setiap trauma kimia atau fisik, seperti panas, yang menghabiskan rambut pada akhirnya bisa menyebabkan perpecahan. Biasanya, serat rambut yang rusak terbagi menjadi dua atau tiga helai dan perpecahannya bisa dua sampai tiga sentimeter. Ujung split paling sering diamati pada rambut panjang tapi juga terjadi pada rambut pendek yang tidak dalam kondisi baik. Seiring tumbuh rambut, minyak pelindung alami kulit kepala bisa gagal mencapai ujung rambut. Ujung-ujungnya dianggap tua begitu mereka mencapai sekitar 10 sentimeter karena mereka memiliki paparan sinar matahari yang lama, melewati banyak shampo dan mungkin telah terlalu panas oleh pengering rambut dan setrika panas. Ini semua menghasilkan ujung kering dan rapuh yang cenderung membelah. Tren yang jarang dan kurangnya perawatan hidrasi dapat meningkatkan kondisi ini. Kerusakan dan kerusakan lainnya Rambut dapat rusak akibat paparan bahan kimia, eksposur panas yang berkepanjangan atau berulang (seperti melalui penggunaan alat styling panas), dan peregangan dan pelurus. Minyak berbahaya untuk rambut kasar dan untuk kulit kepala kering karena menurunkan nutrisi untuk rambut yang menyebabkan terpecah dan rambut rontok. Ketika rambut berperilaku tidak biasa, atau kelainan kulit kepala timbul, seringkali perlu mengunjungi bukan hanya dokter yang berkualitas, tapi kadang-kadang seorang dermatologis, atau ahli trikologi. Kondisi yang memerlukan jenis bantuan profesional ini mencakup, namun tidak terbatas pada, bentuk alopecia, hair pullingpicking, rambut yang menempel lurus, titik-titik hitam di rambut, dan ruam atau luka bakar akibat proses kimia. Gel memberikan tampilan mengkilap tapi mengeringkan rambut dan membuatnya kasar. Ada sejumlah kelainan yang khusus terjadi pada kulit kepala. Gejalanya bisa meliputi: Bau tidak normal Pendarahan Benjolan Kapsul penumpukan kulit yang muncul berwarna putih atau warna lain dari pada warna kulit alami Kerang Rumpun rambut rontok Serpihan kumparan yang tidak mudah mengelupas kulit kepala kulit Ketombe dan gumpalan Kulit kepala kering Gatal berlebihan yang tidak masuk Jauh dengan beberapa mencuci rambut, kulit kepala yang merah muda Patch yang menipiskan drainase seperti Mulut Shedding Gejala-gejala ini mungkin mengindikasikan adanya kebutuhan akan bantuan profesional dari dokter kulit atau ahli trichologi untuk diagnosis. Kulit kepala dapat menderita infestasi tungau, kutu, infeksi pada folikel atau jamur. Mungkin ada reaksi alergi terhadap bahan dalam sediaan kimia yang diaplikasikan pada rambut, bahkan ramuan dari sampo atau kondisioner. Masalah umum seputar ketombe (sering dikaitkan dengan sebum) psoriasis, eksim, atau dermatitis seboroik. Bau yang bertahan selama beberapa minggu meski mencuci rambut secara teratur bisa menjadi indikasi adanya masalah kesehatan pada kulit kepala. Tidak semua serpih adalah ketombe. Misalnya, beberapa hanya bisa menumpuk produk pada kulit kepala. Hal ini bisa diakibatkan dari kebiasaan umum mengoleskan kondisioner ke kulit kepala tanpa dicuci. Ini akan mengering pada kulit kepala dan mengelupas, tampak seperti ketombe dan bahkan menyebabkan gatal, namun tidak memiliki efek kesehatan sama sekali. Ada berbagai alasan untuk rambut rontok, paling sering masalah hormonal. Fluktuasi hormon akan sering terlihat di rambut. Tidak semua kerontokan rambut terkait dengan apa yang dikenal sebagai pola kebotakan pria, wanita bisa mengalami kebotakan seperti pria. Rumus untuk mengatasi penyebab spesifik kurangnya pertumbuhan rambut namun biasanya mereka memerlukan sekitar tiga bulan penggunaan konsisten agar hasilnya dapat mulai muncul. Penghentian juga bisa berarti pertumbuhan yang didapat bisa hilang. Terutama di kalangan wanita, penyakit tiroid adalah salah satu masalah kesehatan yang kurang didiagnosis. Rambut rontok dalam gumpalan adalah satu gejala dari sekumpulan gejala yang mungkin mengindikasikan kekhawatiran tiroid. Dalam banyak ujian ginekologi, layar darah untuk tiroid sekarang menjadi protokol yang umum. Tiroid sering muncul pertama dalam perilaku rambut. Selama kehamilan dan menyusui, proses penumpahan normal dan alami biasanya tersuspensi (dimulai sekitar bulan ke tiga karena dibutuhkan beberapa saat agar tubuh mengenali dan mengatur ulang gerakan hormonal yang dilalui tubuh) selama masa gestasi dan diperpanjang lebih lama jika Satu ASI (ini termasuk memompa untuk air susu ibu). Setelah penghentian salah satu dari ini, biasanya dibutuhkan sekitar dua bulan agar hormon bergeser kembali ke pengaturan hormonal normal, dan penumpahan rambut dapat meningkat secara eksponensial, sekitar 382.116 bulan sampai rambut kembali ke volume normalnya. Hal ini umumnya melihat bahwa rambut tampak lebih tebal dan shinier, bahkan selama kehamilan dan menyusui sebagai respons terhadap masuknya hormon bergeser. Bukan hal yang aneh juga agar warna rambut berubah, atau struktur rambut berubah (misalnya rambut lurus, rambut kusut). Perubahan ini dapat terjadi lebih sering daripada orang mungkin menyadari namun tidak sering dilaporkan. Kerontokan rambut umum Beberapa memilih untuk mencukur rambut mereka sepenuhnya, sementara yang lain mungkin memiliki penyakit (seperti bentuk kanker 8212 yang mencatat bahwa tidak setiap bentuk kanker atau pengobatan kanker berarti seseorang akan kehilangan rambutnya) yang menyebabkan rambut rontok atau pucat. Untuk keputusan mencukur kepala. Perawatan dan nutrisi rambut Genetika dan kesehatan merupakan faktor kesehatan rambut. Nutrisi yang tepat sangat penting bagi kesehatan rambut. Bagian rambut yang hidup berada di bawah kulit kepala dimana akar rambut ditempatkan di folikel rambut. Seluruh folikel dan akar diberi makan oleh pembuluh darah, dan darah membawa nutrisi ke follicleroot. Setiap saat seseorang memiliki masalah kesehatan seperti stres, trauma, obat-obatan dari berbagai jenis, kondisi medis kronis atau kondisi medis yang datang dan kemudian berkurang, logam berat di perairan dan makanan, merokok dll. Hal ini dan lebih dapat mempengaruhi rambut, Pertumbuhannya, dan penampilannya. Umumnya, mengonsumsi makanan lengkap yang mengandung protein, buah, sayuran, lemak, dan karbohidrat penting (beberapa vitamin dan mineral membutuhkan lemak agar bisa diantarkan atau diserap tubuh). Kekurangan apa pun biasanya akan terlihat pertama di rambut. Kasus anemia ringan dapat menyebabkan penumpahan dan rambut rontok. Antara lain, kelompok vitamin B adalah yang paling penting untuk rambut sehat, terutama biotin. B5 (asam pantotenat) memberi kelenturan, kekuatan dan kilat rambut serta membantu mencegah rambut rontok dan beruban. B6 membantu mencegah ketombe dan bisa ditemukan di sereal, kuning telur dan hati. Vitamin B12 membantu mencegah hilangnya rambut dan bisa ditemukan pada ikan, telur, ayam dan susu. Ketika tubuh berada di bawah tekanan, ia memprioritaskan prosesnya. Misalnya, organ vital akan diperhatikan lebih dulu, artinya darah sehat dan beroksigen tidak masuk ke dalam folikel rambut, sehingga rambut menjadi kurang sehat atau penurunan tingkat pertumbuhan. Meskipun tidak semua masalah pertumbuhan rambut berasal dari kekurangan gizi, ini adalah gejala yang sangat berharga dalam diagnosis. Rambut kepala rambut tumbuh rata-rata sekitar 1,25 sentimeter per bulan, dan sampo atau vitamin belum terbukti mengalami perubahan tingkat ini. Tingkat pertumbuhan rambut juga tergantung pada fase apa dalam siklus pertumbuhan rambut seseorang sebenarnya ada tiga fase. Kecepatan pertumbuhan rambut bervariasi berdasarkan genetika, jenis kelamin, usia, hormon, dan dapat dikurangi dengan defisiensi unsur hara (yaitu anoreksia, anemia, kekurangan zinc) dan fluktuasi hormon (yaitu menopause, ovarium polikistik, penyakit tiroid) .1 Omega esensial -3 asam lemak, protein, vitamin B12, dan zat besi, ditemukan pada sumber ikan, mencegah kulit kepala kering dan warna rambut kusam. Sayuran hijau tua mengandung vitamin A dan C dalam jumlah tinggi, yang membantu produksi sebum dan menyediakan kondisioner rambut alami. Kacang polong memberi protein untuk meningkatkan pertumbuhan rambut dan juga mengandung zat besi, seng, dan biotin. Biotin berfungsi untuk mengaktifkan enzim tertentu yang membantu metabolisme karbon dioksida serta protein, lemak, dan karbohidrat. Kekurangan asupan biotin dapat menyebabkan rambut rapuh dan bisa menyebabkan rambut rontok. Untuk menghindari kekurangan, individu dapat menemukan sumber biotin dalam produk biji-bijian sereal, hati, kuning telur, tepung kedelai, dan ragi. Kacang mengandung sumber selenium yang tinggi dan oleh karena itu penting untuk kulit kepala yang sehat. Asam alfa linolenat dan seng juga ditemukan pada beberapa kacang dan membantu kondisi rambut dan mencegah penumpahan rambut yang bisa disebabkan oleh kekurangan seng. Kekurangan protein atau protein berkualitas rendah dapat menghasilkan rambut yang lemah dan rapuh, dan pada akhirnya bisa mengakibatkan hilangnya warna rambut. Produk susu merupakan sumber kalsium yang baik, komponen kunci untuk pertumbuhan rambut. Diet seimbang sangat diperlukan untuk kulit kepala yang sehat dan juga rambut sehat. 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Entitas yang menyediakan asuransi dikenal sebagai perusahaan asuransi, perusahaan asuransi, atau perusahaan asuransi. Seseorang atau entitas yang membeli asuransi dikenal sebagai tertanggung atau pemegang polis. Transaksi asuransi melibatkan tertanggung berasumsi kerugian yang dijamin dan diketahui relatif kecil dalam bentuk pembayaran kepada perusahaan asuransi dengan imbalan janji asuransi untuk memberi kompensasi kepada tertanggung jika terjadi kerugian yang ditutup. Kehilangan itu mungkin atau mungkin tidak bersifat finansial, tapi harus dapat direduksi menjadi persyaratan keuangan, dan harus melibatkan sesuatu di mana tertanggung memiliki kepentingan yang dapat diasuransikan yang dibentuk oleh kepemilikan, kepemilikan, atau hubungan yang sudah ada sebelumnya. Tertanggung menerima sebuah kontrak, yang disebut polis asuransi, yang merinci kondisi dan keadaan di mana tertanggung akan mendapat kompensasi finansial. Jumlah uang yang dikenakan oleh perusahaan asuransi kepada tertanggung untuk pertanggungan yang tercantum dalam polis asuransi disebut premi. Jika tertanggung mengalami kerugian yang berpotensi tercakup dalam polis asuransi, tertanggung mengajukan klaim ke perusahaan asuransi untuk diproses oleh adjuster klaim. Daftar Isi 1 Sejarah 1.1 Metode awal 1.2 Asuransi modern 2 Prinsip 2.1 Kelangkaan 2.2 Hukum 2.3 Kerugian 3 Efek sosial 3.1 Metode asuransi 4 Model bisnis asuransi 4.1 Penjaminan emisi dan investasi 4.2 Klaim 4.3 Pemasaran 5 Jenis Asuransi 5.1 Asuransi Kendaraan Bermotor 5.2 Asuransi Gap 5.3 Asuransi Kesehatan 5.4 Asuransi perlindungan pendapatan 5.5 Asuransi kecelakaan 5.6 Asuransi jiwa 5.7 Asuransi pemakaman 5.8 Properti 5.9 Kewajiban 5.10 Kredit 5.11 Jenis lainnya 5.12 Kendaraan pembiayaan asuransi 5.13 Masyarakat tertutup dan asuransi mandiri 6 perusahaan asuransi 7 Di seluruh dunia 7.1 Perbedaan peraturan 8 Kontroversi 8.1 Tidak mengurangi Risiko 8.2 Asuransi mengisolasi terlalu banyak 8.3 Kompleksitas kontrak polis asuransi 8.4 Manfaat konsumen terbatas 8.5 Redlining 8.6 Paten asuransi 8.7 Industri asuransi dan pencari renten 8.8 Masalah keagamaan 9 Lihat juga 10 Catatan 11 Bibliografi 12 Pranala luar Sejarah Artikel utama: Sejarah asuransi Metode awal Pedagang Telah mencari metode untuk meminimalkan risiko sejak dini. Digambarkan, Gubernur Guild Pedagang Anggur oleh Ferdinand Bol, c. 1680. Metode untuk mentransfer atau mendistribusikan risiko dipraktekkan oleh pedagang Cina dan Babilonia sejak saat ini sebagai generasi ketiga dan kedua tahun 2000, masing-masing.1 Pedagang Cina yang bepergian dengan jeram sungai berbahaya akan mendistribusikan barang dagangan mereka ke banyak kapal untuk membatasi kerugian akibat satu pun Kapal terbalik Orang Babilonia mengembangkan sebuah sistem yang tercatat dalam Kitab Hammurabi yang terkenal, c. 1750 SM, dan dipraktekkan oleh pedagang berlayar Mediterania awal. Jika seorang pedagang menerima pinjaman untuk mendanai pengapalannya, dia akan memberi tambahan uang kepada pemberi pinjaman dengan imbalan kreditur menjamin untuk membatalkan pinjaman jika kiriman tersebut dicuri, atau hilang di laut. Pada suatu titik di milenium ke-1 SM, penghuni Rhodes menciptakan rata-rata umum. Hal ini memungkinkan kelompok pedagang membayar untuk memastikan barang mereka dikirim bersama. Premi yang terkumpul akan digunakan untuk mengganti setiap pedagang yang barangnya dipecat selama transportasi, apakah akan mengalami badai atau tenggelam.2 Kontrak asuransi terpisah (seperti polis asuransi yang tidak digabungkan dengan pinjaman atau jenis kontrak lainnya) ditemukan di Genoa pada abad ke-14, Seperti juga kolam renang yang didukung oleh janji perkebunan. Kontrak asuransi pertama yang diketahui berasal dari Genoa pada tahun 1347, dan pada abad berikutnya asuransi maritim berkembang pesat dan premi secara intuitif bervariasi dengan risiko.3 Kontrak asuransi baru ini memungkinkan asuransi dipisahkan dari investasi, sebuah pemisahan peran yang pertama terbukti bermanfaat dalam Asuransi kelautan Asuransi asuransi modern menjadi jauh lebih canggih di era Pencerahan Eropa, dan varietas khusus dikembangkan. Lloyds Coffee House adalah perusahaan asuransi kelautan pertama. Asuransi properti seperti yang kita kenal sekarang dapat ditelusuri ke Great Fire London, yang pada tahun 1666 melahap lebih dari 13.000 rumah. Efek yang menghancurkan dari api mengubah pengembangan asuransi dari masalah kenyamanan menjadi satu hal yang mendesak, sebuah perubahan pendapat tercermin dalam penyampaian Sir Christopher Wrens dari sebuah situs untuk Kantor Asuransi dalam rencana barunya untuk London pada tahun 1667.4 Sejumlah percobaan Skema asuransi kebakaran tidak menghasilkan apa-apa, namun pada tahun 1681, ekonom Nicholas Barbon dan sebelas perusahaan asosiasi mendirikan perusahaan asuransi kebakaran pertama, Kantor Asuransi untuk Rumah, di belakang Royal Exchange untuk memastikan rumah bata dan rumah berbingkai. Awalnya, 5.000 rumah diasuransikan oleh Kantor Asuransinya.5 Pada saat yang sama, skema asuransi pertama untuk penjaminan usaha bisnis tersedia. Pada akhir abad ketujuhbelas, Londons semakin penting sebagai pusat perdagangan meningkatkan permintaan akan asuransi kelautan. Pada akhir 1680-an, Edward Lloyd membuka sebuah kedai kopi, yang menjadi tempat pertemuan bagi para pihak di industri perkapalan yang ingin mengasuransikan kargo dan kapal, dan mereka yang bersedia untuk menawar usaha semacam itu. Awal informal ini menyebabkan terbangunnya pasar asuransi Lloyds of London dan beberapa bisnis pengiriman dan asuransi terkait.6 Leaflet yang mempromosikan Undang-Undang Asuransi Nasional 1911. Kebijakan asuransi jiwa pertama dikeluarkan pada awal abad ke-18. Perusahaan pertama yang menawarkan asuransi jiwa adalah Amicable Society for a Perpetual Assurance Office, didirikan di London pada tahun 1706 oleh William Talbot dan Sir Thomas Allen.78 Edward Rowe Mores mendirikan Society for Equitable Assurances on Lives and Survivorship pada tahun 1762. Itu adalah Perusahaan asuransi pertama di dunia dan memelopori premi berbasis usia berdasarkan tingkat kematian yang meletakkan kerangka kerja untuk praktik dan pengembangan asuransi ilmiah dan dasar jaminan kehidupan modern yang menjadi dasar semua skema jaminan jiwa yang kemudian didasarkan.9 Pada akhir abad ke-19, asuransi kecelakaan dimulai. Untuk menjadi tersedia. Ini beroperasi seperti asuransi cacat modern.1011 Perusahaan pertama yang menawarkan asuransi kecelakaan adalah Railway Passengers Assurance Company, dibentuk pada tahun 1848 di Inggris untuk memastikan meningkatnya jumlah korban jiwa pada sistem kereta api yang baru lahir. Menjelang akhir abad 19, pemerintah mulai memprakarsai program asuransi nasional melawan penyakit dan usia tua. Jerman membangun tradisi program kesejahteraan di Prusia dan Saxony yang dimulai pada awal tahun 1840an. Pada tahun 1880-an Kanselir Otto von Bismarck memperkenalkan pensiun hari tua, asuransi kecelakaan dan perawatan medis yang menjadi dasar negara kesejahteraan Jerman.1213 Di Inggris undang-undang yang lebih luas diperkenalkan oleh pemerintah Liberal dalam Undang-Undang Asuransi Nasional 1911. This gave the British working classes the first contributory system of insurance against illness and unemployment.14 This system was greatly expanded after the Second World War under the influence of the Beveridge Report, to form the first modern welfare state.1215 Principles Insurance involves pooling funds from many insured entities (known as exposures) to pay for the losses that some may incur. The insured entities are therefore protected from risk for a fee, with the fee being dependent upon the frequency and severity of the event occurring. In order to be an insurable risk, the risk insured against must meet certain characteristics. Insurance as a financial intermediary is a commercial enterprise and a major part of the financial services industry, but individual entities can also self-insure through saving money for possible future losses.16 Insurability Main article: Insurability Risk which can be insured by private companies typically shares seven common characteristics:17 Large number of similar exposure units: Since insurance operates through pooling resources, the majority of insurance policies are provided for individual members of large classes, allowing insurers to benefit from the law of large numbers in which predicted losses are similar to the actual losses. Exceptions include Lloyds of London, which is famous for insuring the life or health of actors, sports figures, and other famous individuals. However, all exposures will have particular differences, which may lead to different premium rates. Definite loss: The loss takes place at a known time, in a known place, and from a known cause. The classic example is death of an insured person on a life insurance policy. Fire, automobile accidents, and worker injuries may all easily meet this criterion. Other types of losses may only be definite in theory. Occupational disease, for instance, may involve prolonged exposure to injurious conditions where no specific time, place, or cause is identifiable. Ideally, the time, place, and cause of a loss should be clear enough that a reasonable person, with sufficient information, could objectively verify all three elements. Accidental loss: The event that constitutes the trigger of a claim should be fortuitous, or at least outside the control of the beneficiary of the insurance. The loss should be pure, in the sense that it results from an event for which there is only the opportunity for cost. Events that contain speculative elements such as ordinary business risks or even purchasing a lottery ticket are generally not considered insurable. Large loss: The size of the loss must be meaningful from the perspective of the insured. Insurance premiums need to cover both the expected cost of losses, plus the cost of issuing and administering the policy, adjusting losses, and supplying the capital needed to reasonably assure that the insurer will be able to pay claims. For small losses, these latter costs may be several times the size of the expected cost of losses. There is hardly any point in paying such costs unless the protection offered has real value to a buyer. Affordable premium: If the likelihood of an insured event is so high, or the cost of the event so large, that the resulting premium is large relative to the amount of protection offered, then it is not likely that the insurance will be purchased, even if on offer. Furthermore, as the accounting profession formally recognizes in financial accounting standards, the premium cannot be so large that there is not a reasonable chance of a significant loss to the insurer. If there is no such chance of loss, then the transaction may have the form of insurance, but not the substance (see the U.S. Financial Accounting Standards Board pronouncement number 113: Accounting and Reporting for Reinsurance of Short-Duration and Long-Duration Contracts). Calculable loss: There are two elements that must be at least estimable, if not formally calculable: the probability of loss, and the attendant cost. Probability of loss is generally an empirical exercise, while cost has more to do with the ability of a reasonable person in possession of a copy of the insurance policy and a proof of loss associated with a claim presented under that policy to make a reasonably definite and objective evaluation of the amount of the loss recoverable as a result of the claim. Limited risk of catastrophically large losses: Insurable losses are ideally independent and non-catastrophic, meaning that the losses do not happen all at once and individual losses are not severe enough to bankrupt the insurer insurers may prefer to limit their exposure to a loss from a single event to some small portion of their capital base. Capital constrains insurers ability to sell earthquake insurance as well as wind insurance in hurricane zones. In the United States, flood risk is insured by the federal government. In commercial fire insurance, it is possible to find single properties whose total exposed value is well in excess of any individual insurers capital constraint. Such properties are generally shared among several insurers, or are insured by a single insurer who syndicates the risk into the reinsurance market. Legal When a company insures an individual entity, there are basic legal requirements and regulations. Several commonly cited legal principles of insurance include:18 Indemnity 8211 the insurance company indemnifies, or compensates, the insured in the case of certain losses only up to the insureds interest. Benefit insurance 8211 as it is stated in the study books of The Chartered Insurance Institute, the insurance company does not have the right of recovery from the party who caused the injury and is to compensate the Insured regardless of the fact that Insured had already sued the negligent party for the damages (for example, personal accident insurance) Insurable interest 8211 the insured typically must directly suffer from the loss. Insurable interest must exist whether property insurance or insurance on a person is involved. The concept requires that the insured have a stake in the loss or damage to the life or property insured. What that stake is will be determined by the kind of insurance involved and the nature of the property ownership or relationship between the persons. The requirement of an insurable interest is what distinguishes insurance from gambling. Utmost good faith 8211 (Uberrima fides) the insured and the insurer are bound by a good faith bond of honesty and fairness. Material facts must be disclosed. Contribution 8211 insurers which have similar obligations to the insured contribute in the indemnification, according to some method. Subrogation 8211 the insurance company acquires legal rights to pursue recoveries on behalf of the insured for example, the insurer may sue those liable for the insureds loss. The Insurers can waive their subrogation rights by using the special clauses. Causa proxima, or proximate cause 8211 the cause of loss (the peril) must be covered under the insuring agreement of the policy, and the dominant cause must not be excluded Mitigation 8211 In case of any loss or casualty, the asset owner must attempt to keep loss to a minimum, as if the asset was not insured. Indemnification Main article: Indemnity To indemnify means to make whole again, or to be reinstated to the position that one was in, to the extent possible, prior to the happening of a specified event or peril. Accordingly, life insurance is generally not considered to be indemnity insurance, but rather contingent insurance (i.e. a claim arises on the occurrence of a specified event). There are generally three types of insurance contracts that seek to indemnify an insured: A reimbursement policy A pay on behalf or on behalf of policy19 An indemnification policy From an insureds standpoint, the result is usually the same: the insurer pays the loss and claims expenses. If the Insured has a reimbursement policy, the insured can be required to pay for a loss and then be reimbursed by the insurance carrier for the loss and out of pocket costs including, with the permission of the insurer, claim expenses.1920 Under a pay on behalf policy, the insurance carrier would defend and pay a claim on behalf of the insured who would not be out of pocket for anything. Most modern liability insurance is written on the basis of pay on behalf language which enables the insurance carrier to manage and control the claim. Under an indemnification policy, the insurance carrier can generally either reimburse or pay on behalf of, whichever is more beneficial to it and the insured in the claim handling process. An entity seeking to transfer risk (an individual, corporation, or association of any type, etc.) becomes the insured party once risk is assumed by an insurer, the insuring party, by means of a contract, called an insurance policy. Generally, an insurance contract includes, at a minimum, the following elements: identification of participating parties (the insurer, the insured, the beneficiaries), the premium, the period of coverage, the particular loss event covered, the amount of coverage (i.e. the amount to be paid to the insured or beneficiary in the event of a loss), and exclusions (events not covered). An insured is thus said to be indemnified against the loss covered in the policy. When insured parties experience a loss for a specified peril, the coverage entitles the policyholder to make a claim against the insurer for the covered amount of loss as specified by the policy. The fee paid by the insured to the insurer for assuming the risk is called the premium. Insurance premiums from many insureds are used to fund accounts reserved for later payment of claims 8211 in theory for a relatively few claimants 8211 and for overhead costs. So long as an insurer maintains adequate funds set aside for anticipated losses (called reserves), the remaining margin is an insurers profit. Social effects Insurance can have various effects on society through the way that it changes who bears the cost of losses and damage. On one hand it can increase fraud on the other it can help societies and individuals prepare for catastrophes and mitigate the effects of catastrophes on both households and societies. Insurance can influence the probability of losses through moral hazard, insurance fraud, and preventive steps by the insurance company. Insurance scholars have typically used moral hazard to refer to the increased loss due to unintentional carelessness and insurance fraud to refer to increased risk due to intentional carelessness or indifference.21 Insurers attempt to address carelessness through inspections, policy provisions requiring certain types of maintenance, and possible discounts for loss mitigation efforts. While in theory insurers could encourage investment in loss reduction, some commentators have argued that in practice insurers had historically not aggressively pursued loss control measures8212particularly to prevent disaster losses such as hurricanes8212because of concerns over rate reductions and legal battles. However, since about 1996 insurers have begun to take a more active role in loss mitigation, such as through building codes.22 Methods of insurance In accordance with study books of The Chartered Insurance Institute, there are the following types of insurance: Co-insurance 8211 risks shared between insurers Dual insurance 8211 risks having two or more policies with same coverage (Both the individual policies would not pay separately- a concept named contribution, and would contribute together to make up the policyholders losses. However, in case of contingency insurances like Life insurance, dual payment is allowed) Self-insurance 8211 situations where risk is not transferred to insurance companies and solely retained by the entities or individuals themselves Reinsurance 8211 situations when Insurer passes some part of or all risks to another Insurer called Reinsurer Insurers business model File:Accidents will happen William-H.-Watson-Universal-Star-Featurette-1922.webm Accidents will happen (William H. Watson, 1922) is a slapstick silent film about the methods and mishaps of an insurance broker. Collection EYE Film Institute Netherlands. Underwriting and investing The business model is to collect more in premium and investment income than is paid out in losses, and to also offer a competitive price which consumers will accept. Profit can be reduced to a simple equation: Profit earned premium investment income 8211 incurred loss 8211 underwriting expenses. Insurers make money in two ways: Through underwriting, the process by which insurers select the risks to insure and decide how much in premiums to charge for accepting those risks By investing the premiums they collect from insured parties The most complicated aspect of the insurance business is the actuarial science of ratemaking (price-setting) of policies, which uses statistics and probability to approximate the rate of future claims based on a given risk. After producing rates, the insurer will use discretion to reject or accept risks through the underwriting process. At the most basic level, initial ratemaking involves looking at the frequency and severity of insured perils and the expected average payout resulting from these perils. Thereafter an insurance company will collect historical loss data, bring the loss data to present value, and compare these prior losses to the premium collected in order to assess rate adequacy.23 Loss ratios and expense loads are also used. Rating for different risk characteristics involves at the most basic level comparing the losses with loss relativities8212a policy with twice as many losses would therefore be charged twice as much. More complex multivariate analyses are sometimes used when multiple characteristics are involved and a univariate analysis could produce confounded results. Other statistical methods may be used in assessing the probability of future losses. Upon termination of a given policy, the amount of premium collected minus the amount paid out in claims is the insurers underwriting profit on that policy. Underwriting performance is measured by something called the combined ratio, which is the ratio of expenseslosses to premiums.24 A combined ratio of less than 100 indicates an underwriting profit, while anything over 100 indicates an underwriting loss. A company with a combined ratio over 100 may nevertheless remain profitable due to investment earnings. Insurance companies earn investment profits on float. Float, or available reserve, is the amount of money on hand at any given moment that an insurer has collected in insurance premiums but has not paid out in claims. Insurers start investing insurance premiums as soon as they are collected and continue to earn interest or other income on them until claims are paid out. The Association of British Insurers (gathering 400 insurance companies and 94 of UK insurance services) has almost 20 of the investments in the London Stock Exchange.25 In the United States, the underwriting loss of property and casualty insurance companies was 142.3 billion in the five years ending 2003. But overall profit for the same period was 68.4 billion, as the result of float. Some insurance industry insiders, most notably Hank Greenberg, do not believe that it is forever possible to sustain a profit from float without an underwriting profit as well, but this opinion is not universally held. Naturally, the float method is difficult to carry out in an economically depressed period. Bear markets do cause insurers to shift away from investments and to toughen up their underwriting standards, so a poor economy generally means high insurance premiums. This tendency to swing between profitable and unprofitable periods over time is commonly known as the underwriting, or insurance, cycle.26 Claims Claims and loss handling is the materialized utility of insurance it is the actual product paid for. Claims may be filed by insureds directly with the insurer or through brokers or agents. The insurer may require that the claim be filed on its own proprietary forms, or may accept claims on a standard industry form, such as those produced by ACORD. Insurance company claims departments employ a large number of claims adjusters supported by a staff of records management and data entry clerks. Incoming claims are classified based on severity and are assigned to adjusters whose settlement authority varies with their knowledge and experience. The adjuster undertakes an investigation of each claim, usually in close cooperation with the insured, determines if coverage is available under the terms of the insurance contract, and if so, the reasonable monetary value of the claim, and authorizes payment. The policyholder may hire their own public adjuster to negotiate the settlement with the insurance company on their behalf. For policies that are complicated, where claims may be complex, the insured may take out a separate insurance policy add-on, called loss recovery insurance, which covers the cost of a public adjuster in the case of a claim. Adjusting liability insurance claims is particularly difficult because there is a third party involved, the plaintiff, who is under no contractual obligation to cooperate with the insurer and may in fact regard the insurer as a deep pocket. The adjuster must obtain legal counsel for the insured (either inside house counsel or outside panel counsel), monitor litigation that may take years to complete, and appear in person or over the telephone with settlement authority at a mandatory settlement conference when requested by the judge. If a claims adjuster suspects under-insurance, the condition of average may come into play to limit the insurance companys exposure. In managing the claims handling function, insurers seek to balance the elements of customer satisfaction, administrative handling expenses, and claims overpayment leakages. As part of this balancing act, fraudulent insurance practices are a major business risk that must be managed and overcome. Disputes between insurers and insureds over the validity of claims or claims handling practices occasionally escalate into litigation (see insurance bad faith). Marketing Insurers will often use insurance agents to initially market or underwrite their customers. Agents can be captive, meaning they write only for one company, or independent, meaning that they can issue policies from several companies. The existence and success of companies using insurance agents is likely due to improved and personalized service. Companies also use Broking firms, Banks and other corporate entities (like Self Help Groups, Microfinance Institutions, NGOs etc.) to market their products.27 Types of Insurance Any risk that can be quantified can potentially be insured. Specific kinds of risk that may give rise to claims are known as perils. An insurance policy will set out in detail which perils are covered by the policy and which are not. Below are non-exhaustive lists of the many different types of insurance that exist. A single policy that may cover risks in one or more of the categories set out below. For example, vehicle insurance would typically cover both the property risk (theft or damage to the vehicle) and the liability risk (legal claims arising from an accident). A home insurance policy in the United States typically includes coverage for damage to the home and the owners belongings, certain legal claims against the owner, and even a small amount of coverage for medical expenses of guests who are injured on the owners property. Business insurance can take a number of different forms, such as the various kinds of professional liability insurance, also called professional indemnity (PI), which are discussed below under that name and the business owners policy (BOP), which packages into one policy many of the kinds of coverage that a business owner needs, in a way analogous to how homeowners insurance packages the coverages that a homeowner needs.28 Auto insurance Main article: Vehicle insurance A wrecked vehicle in Copenhagen Auto insurance protects the policyholder against financial loss in the event of an incident involving a vehicle they own, such as in a traffic collision. Coverage typically includes: Property coverage, for damage to or theft of the car Liability coverage, for the legal responsibility to others for bodily injury or property damage Medical coverage, for the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses Gap insurance Main article: Gap insurance Gap insurance covers the excess amount on your auto loan in an instance where your insurance company does not cover the entire loan. Depending on the companys specific policies it might or might not cover the deductible as well. This coverage is marketed for those who put low down payments, have high interest rates on their loans, and those with 60-month or longer terms. Gap insurance is typically offered by a finance company when the vehicle owner purchases their vehicle, but many auto insurance companies offer this coverage to consumers as well. Health insurance Main articles: Health insurance and Dental insurance Great Western Hospital, Swindon Health insurance policies cover the cost of medical treatments. Dental insurance, like medical insurance, protects policyholders for dental costs. In most developed countries, all citizens receive some health coverage from their governments, paid for by taxation. In most countries, health insurance is often part of an employers benefits. Income protection insurance Workers compensation, or employers liability insurance, is compulsory in some countries Disability insurance policies provide financial support in the event of the policyholder becoming unable to work because of disabling illness or injury. It provides monthly support to help pay such obligations as mortgage loans and credit cards. Short-term and long-term disability policies are available to individuals, but considering the expense, long-term policies are generally obtained only by those with at least six-figure incomes, such as doctors, lawyers, etc. Short-term disability insurance covers a person for a period typically up to six months, paying a stipend each month to cover medical bills and other necessities. Long-term disability insurance covers an individuals expenses for the long term, up until such time as they are considered permanently disabled and thereafter Insurance companies will often try to encourage the person back into employment in preference to and before declaring them unable to work at all and therefore totally disabled. Disability overhead insurance allows business owners to cover the overhead expenses of their business while they are unable to work. Total permanent disability insurance provides benefits when a person is permanently disabled and can no longer work in their profession, often taken as an adjunct to life insurance. Workers compensation insurance replaces all or part of a workers wages lost and accompanying medical expenses incurred because of a job-related injury. Casualty insurance Main article: Casualty insurance Casualty insurance insures against accidents, not necessarily tied to any specific property. It is a broad spectrum of insurance that a number of other types of insurance could be classified, such as auto, workers compensation, and some liability insurances. Crime insurance is a form of casualty insurance that covers the policyholder against losses arising from the criminal acts of third parties. For example, a company can obtain crime insurance to cover losses arising from theft or embezzlement. Terrorism insurance provides protection against any loss or damage caused by terrorist activities. In the United States in the wake of 911, the Terrorism Risk Insurance Act 2002 (TRIA) set up a federal program providing a transparent system of shared public and private compensation for insured losses resulting from acts of terrorism. The program was extended until the end of 2014 by the Terrorism Risk Insurance Program Reauthorization Act 2007 (TRIPRA). Kidnap and ransom insurance is designed to protect individuals and corporations operating in high-risk areas around the world against the perils of kidnap, extortion, wrongful detention and hijacking. Political risk insurance is a form of casualty insurance that can be taken out by businesses with operations in countries in which there is a risk that revolution or other political conditions could result in a loss. Life insurance Main article: Life insurance Amicable Society for a Perpetual Assurance Office, Serjeants Inn, Fleet Street, London, 1801 Life insurance provides a monetary benefit to a decedents family or other designated beneficiary, and may specifically provide for income to an insured persons family, burial, funeral and other final expenses. Life insurance policies often allow the option of having the proceeds paid to the beneficiary either in a lump sum cash payment or an annuity. In most states, a person cannot purchase a policy on another person without their knowledge. Annuities provide a stream of payments and are generally classified as insurance because they are issued by insurance companies, are regulated as insurance, and require the same kinds of actuarial and investment management expertise that life insurance requires. Annuities and pensions that pay a benefit for life are sometimes regarded as insurance against the possibility that a retiree will outlive his or her financial resources. In that sense, they are the complement of life insurance and, from an underwriting perspective, are the mirror image of life insurance. Certain life insurance contracts accumulate cash values, which may be taken by the insured if the policy is surrendered or which may be borrowed against. Some policies, such as annuities and endowment policies, are financial instruments to accumulate or liquidate wealth when it is needed. In many countries, such as the United States and the UK, the tax law provides that the interest on this cash value is not taxable under certain circumstances. This leads to widespread use of life insurance as a tax-efficient method of saving as well as protection in the event of early death. In the United States, the tax on interest income on life insurance policies and annuities is generally deferred. However, in some cases the benefit derived from tax deferral may be offset by a low return. This depends upon the insuring company, the type of policy and other variables (mortality, market return, etc.). Moreover, other income tax saving vehicles (e.g. IRAs, 401(k) plans, Roth IRAs) may be better alternatives for value accumulation. Burial insurance Burial insurance is a very old type of life insurance which is paid out upon death to cover final expenses, such as the cost of a funeral. The Greeks and Romans introduced burial insurance c. 600 CE when they organized guilds called benevolent societies which cared for the surviving families and paid funeral expenses of members upon death. Guilds in the Middle Ages served a similar purpose, as did friendly societies during Victorian times. Property Main article: Property insurance This tornado damage to an Illinois home would be considered an Act of God for insurance purposes Property insurance provides protection against risks to property, such as fire, theft or weather damage. This may include specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, inland marine insurance or boiler insurance. The term property insurance may, like casualty insurance, be used as a broad category of various subtypes of insurance, some of which are listed below: US Airways Flight 1549 was written off after ditching into the Hudson River Aviation insurance protects aircraft hulls and spares, and associated liability risks, such as passenger and third-party liability. Airports may also appear under this subcategory, including air traffic control and refuelling operations for international airports through to smaller domestic exposures. Boiler insurance (also known as boiler and machinery insurance, or equipment breakdown insurance) insures against accidental physical damage to boilers, equipment or machinery. Builders risk insurance insures against the risk of physical loss or damage to property during construction. Builders risk insurance is typically written on an all risk basis covering damage arising from any cause (including the negligence of the insured) not otherwise expressly excluded. Builders risk insurance is coverage that protects a persons or organizations insurable interest in materials, fixtures andor equipment being used in the construction or renovation of a building or structure should those items sustain physical loss or damage from an insured peril.29 Crop insurance may be purchased by farmers to reduce or manage various risks associated with growing crops. Such risks include crop loss or damage caused by weather, hail, drought, frost damage, insects, or disease.30 Earthquake insurance is a form of property insurance that pays the policyholder in the event of an earthquake that causes damage to the property. Most ordinary home insurance policies do not cover earthquake damage. Earthquake insurance policies generally feature a high deductible. Rates depend on location and hence the likelihood of an earthquake, as well as the construction of the home. Fidelity bond is a form of casualty insurance that covers policyholders for losses incurred as a result of fraudulent acts by specified individuals. It usually insures a business for losses caused by the dishonest acts of its employees. Hurricane Katrina caused over 80 billion of storm and flood damage Flood insurance protects against property loss due to flooding. Many U.S. insurers do not provide flood insurance in some parts of the country. In response to this, the federal government created the National Flood Insurance Program which serves as the insurer of last resort. Home insurance, also commonly called hazard insurance or homeowners insurance (often abbreviated in the real estate industry as HOI), provides coverage for damage or destruction of the policyholders home. In some geographical areas, the policy may exclude certain types of risks, such as flood or earthquake, that require additional coverage. Maintenance-related issues are typically the homeowners responsibility. The policy may include inventory, or this can be bought as a separate policy, especially for people who rent housing. In some countries, insurers offer a package which may include liability and legal responsibility for injuries and property damage caused by members of the household, including pets.31 Landlord insurance covers residential and commercial properties which are rented to others. Most homeowners insurance covers only owner-occupied homes. Marine insurance and marine cargo insurance cover the loss or damage of vessels at sea or on inland waterways, and of cargo in transit, regardless of the method of transit. When the owner of the cargo and the carrier are separate corporations, marine cargo insurance typically compensates the owner of cargo for losses sustained from fire, shipwreck, etc. but excludes losses that can be recovered from the carrier or the carriers insurance. Many marine insurance underwriters will include time element coverage in such policies, which extends the indemnity to cover loss of profit and other business expenses attributable to the delay caused by a covered loss. Supplemental natural disaster insurance covers specified expenses after a natural disaster renders the policyholders home uninhabitable. Periodic payments are made directly to the insured until the home is rebuilt or a specified time period has elapsed. Surety bond insurance is a three-party insurance guaranteeing the performance of the principal. The demand for terrorism insurance surged after 911 Volcano insurance is a specialized insurance protecting against damage arising specifically from volcanic eruptions. Windstorm insurance is an insurance covering the damage that can be caused by wind events such as hurricanes. Liability Main article: Liability insurance Liability insurance is a very broad superset that covers legal claims against the insured. Many types of insurance include an aspect of liability coverage. For example, a homeowners insurance policy will normally include liability coverage which protects the insured in the event of a claim brought by someone who slips and falls on the property automobile insurance also includes an aspect of liability insurance that indemnifies against the harm that a crashing car can cause to others lives, health, or property. The protection offered by a liability insurance policy is twofold: a legal defense in the event of a lawsuit commenced against the policyholder and indemnification (payment on behalf of the insured) with respect to a settlement or court verdict. Liability policies typically cover only the negligence of the insured, and will not apply to results of wilful or intentional acts by the insured. The subprime mortgage crisis was the source of many liability insurance losses Public liability insurance or general liability insurance covers a business or organization against claims should its operations injure a member of the public or damage their property in some way. Directors and officers liability insurance protects an organization (usually a corporation) from costs associated with litigation resulting from errors made by directors and officers for which they are liable. Environmental liability or environmental impairment insurance protects the insured from bodily injury, property damage and cleanup costs as a result of the dispersal, release or escape of pollutants. Errors and omissions insurance is business liability insurance for professionals such as insurance agents, real estate agents and brokers, architects, third-party administrators (TPAs) and other business professionals. Prize indemnity insurance protects the insured from giving away a large prize at a specific event. Examples would include offering prizes to contestants who can make a half-court shot at a basketball game, or a hole-in-one at a golf tournament. Professional liability insurance, also called professional indemnity insurance (PI), protects insured professionals such as architectural corporations and medical practitioners against potential negligence claims made by their patientsclients. Professional liability insurance may take on different names depending on the profession. For example, professional liability insurance in reference to the medical profession may be called medical malpractice insurance. Often a commercial insureds liability insurance program consists of several layers. The first layer of insurance generally consists of primary insurance, which provides first dollar indemnity for judgments and settlements up to the limits of liability of the primary policy. Generally, primary insurance is subject to a deductible and obligates the insured to defend the insured against lawsuits, which is normally accomplished by assigning counsel to defend the insured. In many instances, a commercial insured may elect to self-insure. Above the primary insurance or self-insured retention, the insured may have one or more layers of excess insurance to provide coverage additional limits of indemnity protection. There are a variety of types of excess insurance, including stand-alone excess policies (policies that contain their own terms, conditions, and exclusions), follow form excess insurance (policies that follow the terms of the underlying policy except as specifically provided), umbrella insurance policies (excess insurance that in some circumstances could provide coverage that is broader than the underlying insurance), and surplus lines insurance (policies written by non-admitted carriers).32 Credit Main article: Payment protection insurance Credit insurance repays some or all of a loan when the borrower is insolvent. Mortgage insurance insures the lender against default by the borrower. Mortgage insurance is a form of credit insurance, although the name credit insurance more often is used to refer to policies that cover other kinds of debt. Many credit cards offer payment protection plans which are a form of credit insurance. Trade credit insurance is business insurance over the accounts receivable of the insured. The policy pays the policy holder for covered accounts receivable if the debtor defaults on payment. Collateral protection insurance (CPI) insures property (primarily vehicles) held as collateral for loans made by lending institutions. Other types All-risk insurance is an insurance that covers a wide range of incidents and perils, except those noted in the policy. All-risk insurance is different from peril-specific insurance that cover losses from only those perils listed in the policy.33 In car insurance, all-risk policy includes also the damages caused by the own driver. High-value horses may be insured under a bloodstock policy Bloodstock insurance covers individual horses or a number of horses under common ownership. Coverage is typically for mortality as a result of accident, illness or disease but may extend to include infertility, in-transit loss, veterinary fees, and prospective foal. Business interruption insurance covers the loss of income, and the expenses incurred, after a covered peril interrupts normal business operations. Defense Base Act (DBA) insurance provides coverage for civilian workers hired by the government to perform contracts outside the United States and Canada. DBA is required for all U.S. citizens, U.S. residents, U.S. Green Card holders, and all employees or subcontractors hired on overseas government contracts. Depending on the country, foreign nationals must also be covered under DBA. This coverage typically includes expenses related to medical treatment and loss of wages, as well as disability and death benefits. Expatriate insurance provides individuals and organizations operating outside of their home country with protection for automobiles, property, health, liability and business pursuits. Legal expenses insurance covers policyholders for the potential costs of legal action against an institution or an individual. When something happens which triggers the need for legal action, it is known as the event. There are two main types of legal expenses insurance: before the event insurance and after the event insurance. Livestock insurance is a specialist policy provided to, for example, commercial or hobby farms, aquariums, fish farms or any other animal holding. Cover is available for mortality or economic slaughter as a result of accident, illness or disease but can extend to include destruction by government order. Media liability insurance is designed to cover professionals that engage in film and television production and print, against risks such as defamation. Nuclear incident insurance covers damages resulting from an incident involving radioactive materials and is generally arranged at the national level. (See the nuclear exclusion clause and for the US the Price-Anderson Nuclear Industries Indemnity Act.) Pet insurance insures pets against accidents and illnesses some companies cover routinewellness care and burial, as well. Pollution insurance usually takes the form of first-party coverage for contamination of insured property either by external or on-site sources. Coverage is also afforded for liability to third parties arising from contamination of air, water, or land due to the sudden and accidental release of hazardous materials from the insured site. The policy usually covers the costs of cleanup and may include coverage for releases from underground storage tanks. Intentional acts are specifically excluded. Purchase insurance is aimed at providing protection on the products people purchase. Purchase insurance can cover individual purchase protection, warranties, guarantees, care plans and even mobile phone insurance. Such insurance is normally very limited in the scope of problems that are covered by the policy. Tax insurance is increasingly being used in corporate transactions to protect taxpayers in the event that a tax position it has taken is challenged by the IRS or a state, local, or foreign taxing authority34 Title insurance provides a guarantee that title to real property is vested in the purchaser andor mortgagee, free and clear of liens or encumbrances. It is usually issued in conjunction with a search of the public records performed at the time of a real estate transaction. Travel insurance is an insurance cover taken by those who travel abroad, which covers certain losses such as medical expenses, loss of personal belongings, travel delay, and personal liabilities. Tuition insurance insures students against involuntary withdrawal from cost-intensive educational institutions Interest rate insurance protects the holder from adverse changes in interest rates, for instance for those with a variable rate loan or mortgage Divorce insurance is a form of contractual liability insurance that pays the insured a cash benefit if their marriage ends in divorce. Insurance financing vehicles Fraternal insurance is provided on a cooperative basis by fraternal benefit societies or other social organizations.35 No-fault insurance is a type of insurance policy (typically automobile insurance) where insureds are indemnified by their own insurer regardless of fault in the incident. Protected self-insurance is an alternative risk financing mechanism in which an organization retains the mathematically calculated cost of risk within the organization and transfers the catastrophic risk with specific and aggregate limits to an insurer so the maximum total cost of the program is known. A properly designed and underwritten Protected Self-Insurance Program reduces and stabilizes the cost of insurance and provides valuable risk management information. Retrospectively rated insurance is a method of establishing a premium on large commercial accounts. The final premium is based on the insureds actual loss experience during the policy term, sometimes subject to a minimum and maximum premium, with the final premium determined by a formula. Under this plan, the current years premium is based partially (or wholly) on the current years losses, although the premium adjustments may take months or years beyond the current years expiration date. The rating formula is guaranteed in the insurance contract. Formula: retrospective premium converted loss basic premium 215 tax multiplier. Numerous variations of this formula have been developed and are in use. Formal self-insurance is the deliberate decision to pay for otherwise insurable losses out of ones own money. This can be done on a formal basis by establishing a separate fund into which funds are deposited on a periodic basis, or by simply forgoing the purchase of available insurance and paying out-of-pocket. Self-insurance is usually used to pay for high-frequency, low-severity losses. Such losses, if covered by conventional insurance, mean having to pay a premium that includes loadings for the companys general expenses, cost of putting the policy on the books, acquisition expenses, premium taxes, and contingencies. While this is true for all insurance, for small, frequent losses the transaction costs may exceed the benefit of volatility reduction that insurance otherwise affords. Reinsurance is a type of insurance purchased by insurance companies or self-insured employers to protect against unexpected losses. Financial reinsurance is a form of reinsurance that is primarily used for capital management rather than to transfer insurance risk. Social insurance can be many things to many people in many countries. But a summary of its essence is that it is a collection of insurance coverages (including components of life insurance, disability income insurance, unemployment insurance, health insurance, and others), plus retirement savings, that requires participation by all citizens. By forcing everyone in society to be a policyholder and pay premiums, it ensures that everyone can become a claimant when or if heshe needs to. Along the way this inevitably becomes related to other concepts such as the justice system and the welfare state. This is a large, complicated topic that engenders tremendous debate, which can be further studied in the following articles (and others): National Insurance Social safety net Social security Social Security debate (United States) Social Security (United States) Social welfare provision Stop-loss insurance provides protection against catastrophic or unpredictable losses. It is purchased by organizations who do not want to assume 100 of the liability for losses arising from the plans. Under a stop-loss policy, the insurance company becomes liable for losses that exceed certain limits called deductibles. Closed community and governmental self-insurance Some communities prefer to create virtual insurance amongst themselves by other means than contractual risk transfer, which assigns explicit numerical values to risk. A number of religious groups, including the Amish and some Muslim groups, depend on support provided by their communities when disasters strike. The risk presented by any given person is assumed collectively by the community who all bear the cost of rebuilding lost property and supporting people whose needs are suddenly greater after a loss of some kind. In supportive communities where others can be trusted to follow community leaders, this tacit form of insurance can work. In this manner the community can even out the extreme differences in insurability that exist among its members. Some further justification is also provided by invoking the moral hazard of explicit insurance contracts. In the United Kingdom, The Crown (which, for practical purposes, meant the civil service) did not insure property such as government buildings. If a government building was damaged, the cost of repair would be met from public funds because, in the long run, this was cheaper than paying insurance premiums. Since many UK government buildings have been sold to property companies, and rented back, this arrangement is now less common and may have disappeared altogether. In the United States, the most prevalent form of self-insurance is governmental risk management pools. They are self-funded cooperatives, operating as carriers of coverage for the majority of governmental entities today, such as county governments, municipalities, and school districts. Rather than these entities independently self-insure and risk bankruptcy from a large judgment or catastrophic loss, such governmental entities form a risk pool. Such pools begin their operations by capitalization through member deposits or bond issuance. Coverage (such as general liability, auto liability, professional liability, workers compensation, and property) is offered by the pool to its members, similar to coverage offered by insurance companies. However, self-insured pools offer members lower rates (due to not needing insurance brokers), increased benefits (such as loss prevention services) and subject matter expertise. Of approximately 91,000 distinct governmental entities operating in the United States, 75,000 are members of self-insured pools in various lines of coverage, forming approximately 500 pools. Although a relatively small corner of the insurance market, the annual contributions (self-insured premiums) to such pools have been estimated up to 17 billion dollars annually.36 Insurance companies Certificate issued by Republic Fire Insurance Co. of New York c. 1860 Insurance companies may be classified into two groups: Life insurance companies, which sell life insurance, annuities and pensions products. Non-life or propertycasualty insurance companies, which sell other types of insurance. General insurance companies can be further divided into these sub categories. Standard lines Excess lines In most countries, life and non-life insurers are subject to different regulatory regimes and different tax and accounting rules. The main reason for the distinction between the two types of company is that life, annuity, and pension business is very long-term in nature 8211 coverage for life assurance or a pension can cover risks over many decades. By contrast, non-life insurance cover usually covers a shorter period, such as one year. In the United States, standard line insurance companies are insurers that have received a license or authorization from a state for the purpose of writing specific kinds of insurance in that state, such as automobile insurance or homeowners insurance.37 They are typically referred to as admitted insurers. Generally, such an insurance company must submit its rates and policy forms to the states insurance regulator to receive his or her prior approval, although whether an insurance company must receive prior approval depending upon the kind of insurance being written. Standard line insurance companies usually charge lower premiums than excess line insurers and may sell directly to individual insureds. They are regulated by state laws, which include restrictions on rates and forms, and which aim to protect consumers and the public from unfair or abusive practices.37 These insurers also are required to contribute to state guarantee funds, which are used to pay for losses if an insurer becomes insolvent.37 The subscription room at Lloyds of London in the early 19th century. Excess line insurance companies (also known as Excess and Surplus) typically insure risks not covered by the standard lines insurance market, due to a variety of reasons (e.g. new entity or an entity that does not have an adequate loss history, an entity with unique risk characteristics, or an entity that has a loss history that does not fit the underwriting requirements of the standard lines insurance market).37 They are typically referred to as non-admitted or unlicensed insurers.37 Non-admitted insurers are generally not licensed or authorized in the states in which they write business, although they must be licensed or authorized in the state in which they are domiciled.37 These companies have more flexibility and can react faster than standard line insurance companies because they are not required to file rates and forms.37 However, they still have substantial regulatory requirements placed upon them. Most states require that excess line insurers submit financial information, articles of incorporation, a list of officers, and other general information.37 They also may not write insurance that is typically available in the admitted market, do not participate in state guarantee funds (and therefore policyholders do not have any recourse through these funds if an insurer becomes insolvent and cannot pay claims), may pay higher taxes, only may write coverage for a risk if it has been rejected by three different admitted insurers, and only when the insurance producer placing the business has a surplus lines license.37 Generally, when an excess line insurer writes a policy, it must, pursuant to state laws, provide disclosure to the policyholder that the policyholders policy is being written by an excess line insurer.37 On July 21, 2010, President Barack Obama signed into law the Nonadmitted and Reinsurance Reform Act of 2010 (NRRA), which took effect on July 21, 2011, and was part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The NRRA changed the regulatory paradigm for excess line insurance. Generally, under the NRRA, only the insureds home state may regulate and tax the excess line transaction.38 Insurance companies are generally classified as either mutual or proprietary companies.39 Mutual companies are owned by the policyholders, while shareholders (who may or may not own policies) own proprietary insurance companies. Demutualization of mutual insurers to form stock companies, as well as the formation of a hybrid known as a mutual holding company, became common in some countries, such as the United States, in the late 20th century. However, not all states permit mutual holding companies. Other possible forms for an insurance company include reciprocals, in which policyholders reciprocate in sharing risks, and Lloyds organizations. Insurance companies are rated by various agencies such as A. M. Best. The ratings include the companys financial strength, which measures its ability to pay claims. It also rates financial instruments issued by the insurance company, such as bonds, notes, and securitization products. Reinsurance companies are insurance companies that sell policies to other insurance companies, allowing them to reduce their risks and protect themselves from very large losses. The reinsurance market is dominated by a few very large companies, with huge reserves. A reinsurer may also be a direct writer of insurance risks as well. Captive insurance companies may be defined as limited-purpose insurance companies established with the specific objective of financing risks emanating from their parent group or groups. This definition can sometimes be extended to include some of the risks of the parent companys customers. In short, it is an in-house self-insurance vehicle. Captives may take the form of a pure entity (which is a 100 subsidiary of the self-insured parent company) of a mutual captive (which insures the collective risks of members of an industry) and of an association captive (which self-insures individual risks of the members of a professional, commercial or industrial association). Captives represent commercial, economic and tax advantages to their sponsors because of the reductions in costs they help create and for the ease of insurance risk management and the flexibility for cash flows they generate. Additionally, they may provide coverage of risks which is neither available nor offered in the traditional insurance market at reasonable prices. The types of risk that a captive can underwrite for their parents include property damage, public and product liability, professional indemnity, employee benefits, employers liability, motor and medical aid expenses. The captives exposure to such risks may be limited by the use of reinsurance. Captives are becoming an increasingly important component of the risk management and risk financing strategy of their parent. This can be understood against the following background: Heavy and increasing premium costs in almost every line of coverage Difficulties in insuring certain types of fortuitous risk Differential coverage standards in various parts of the world Rating structures which reflect market trends rather than individual loss experience Insufficient credit for deductibles andor loss control efforts There are also companies known as insurance consultants. Like a mortgage broker, these companies are paid a fee by the customer to shop around for the best insurance policy amongst many companies. Similar to an insurance consultant, an insurance broker also shops around for the best insurance policy amongst many companies. However, with insurance brokers, the fee is usually paid in the form of commission from the insurer that is selected rather than directly from the client. Neither insurance consultants nor insurance brokers are insurance companies and no risks are transferred to them in insurance transactions. Third party administrators are companies that perform underwriting and sometimes claims handling services for insurance companies. These companies often have special expertise that the insurance companies do not have. The financial stability and strength of an insurance company should be a major consideration when buying an insurance contract. An insurance premium paid currently provides coverage for losses that might arise many years in the future. For that reason, the viability of the insurance carrier is very important. In recent years, a number of insurance companies have become insolvent, leaving their policyholders with no coverage (or coverage only from a government-backed insurance pool or other arrangement with less attractive payouts for losses). A number of independent rating agencies provide information and rate the financial viability of insurance companies. Across the world Life insurance premiums written in 2005 Non-life insurance premiums written in 2005 Global insurance premiums grew by 2.7 in inflation-adjusted terms in 2010 to 4.3 trillion, climbing above pre-crisis levels. The return to growth and record premiums generated during the year followed two years of decline in real terms. Life insurance premiums increased by 3.2 in 2010 and non-life premiums by 2.1. While industrialised countries saw an increase in premiums of around 1.4, insurance markets in emerging economies saw rapid expansion with 11 growth in premium income. The global insurance industry was sufficiently capitalised to withstand the financial crisis of 2008 and 2009 and most insurance companies restored their capital to pre-crisis levels by the end of 2010. With the continuation of the gradual recovery of the global economy, it is likely the insurance industry will continue to see growth in premium income both in industrialised countries and emerging markets in 2011. Advanced economies account for the bulk of global insurance. With premium income of 1.62 trillion, Europe was the most important region in 2010, followed by North America 1.409 trillion and Asia 1.161 trillion. Europe has however seen a decline in premium income during the year in contrast to the growth seen in North America and Asia. The top four countries generated more than a half of premiums. The United States and Japan alone accounted for 40 of world insurance, much higher than their 7 share of the global population. Emerging economies accounted for over 85 of the worlds population but only around 15 of premiums. Their markets are however growing at a quicker pace.40 The country expected to have the biggest impact on the insurance share distribution across the world is China. According to Sam Radwan of ENHANCE International LLC, low premium penetration (insurance premium as a of GDP), an ageing population and the largest car market in terms of new sales, premium growth has averaged 15821120 in the past five years, and China is expected to be the largest insurance market in the next decade or two.41 Regulatory differences Main article: Insurance law In the United States, insurance is regulated by the states under the McCarran-Ferguson Act, with periodic proposals for federal intervention, and a nonprofit coalition of state insurance agencies called the National Association of Insurance Commissioners works to harmonize the countrys different laws and regulations.42 The National Conference of Insurance Legislators (NCOIL) also works to harmonize the different state laws.43 In the European Union, the Third Non-Life Directive and the Third Life Directive, both passed in 1992 and effective 1994, created a single insurance market in Europe and allowed insurance c ompanies to offer insurance anywhere in the EU (subject to permission from authority in the head office) and allowed insurance consumers to purchase insurance from any insurer in the EU.44 As far as insurance in the United Kingdom, the Financial Services Authority took over insurance regulation from the General Insurance Standards Council in 200545 laws passed include the Insurance Companies Act 1973 and another in 1982,46 and reforms to warranty and other aspects under discussion as of 2012.47 The insurance industry in China was nationalized in 1949 and thereafter offered by only a single state-owned company, the Peoples Insurance Company of China, which was eventually suspended as demand declined in a communist environment. In 1978, market reforms led to an increase in the market and by 1995 a comprehensive Insurance Law of the Peoples Republic of China48 was passed, followed in 1998 by the formation of China Insurance Regulatory Commission (CIRC), which has broad regulatory authority over the insurance market of China.49 In India IRDA is insurance regulatory authority. As per the section 4 of IRDA Act 1999, Insurance Regulatory and Development Authority (IRDA), which was constituted by an act of parliament. National Insurance Academy, Pune is apex insurance capacity builder institute promoted with support from Ministry of Finance and by LIC, Life General Insurance companies. Controversies Does not reduce the risk Insurance is just a risk transfer mechanism wherein the financial burden which may arise due to some fortuitous event is transferred to a bigger entity called an Insurance Company by way of paying premiums. This only reduces the financial burden and not the actual chances of happening of an event. Insurance is a risk for both the insurance company and the insured. The insurance company understands the risk involved and will perform a risk assessment when writing the policy. As a result, the premiums may go up if they determine that the policyholder will file a claim. If a person is financially stable and plans for lifes unexpected events, they may be able to go without insurance. However, they must have enough to cover a total and complete loss of employment and of their possessions. Some states will accept a surety bond, a government bond, or even making a cash deposit with the state.50 Insurance insulates too much An insurance company may inadvertently find that its insureds may not be as risk-averse as they might otherwise be (since, by definition, the insured has transferred the risk to the insurer), a concept known as moral hazard. This insulates many from the true costs of living with risk, negating measures that can mitigate or adapt to risk and leading some to describe insurance schemes as potentially maladaptive.51 To reduce their own financial exposure, insurance companies have contractual clauses that mitigate their obligation to provide coverage if the insured engages in behavior that grossly magnifies their risk of loss or liability. For example, life insurance companies may require higher premiums or deny coverage altogether to people who work in hazardous occupations or engage in dangerous sports. Liability insurance providers do not provide coverage for liability arising from intentional torts committed by or at the direction of the insured. Even if a provider desired to provide such coverage, it is against the public policy of most countries to allow such insurance to exist, and thus it is usually illegal. Complexity of insurance policy contracts 911 was a major insurance loss, but there were disputes over the World Trade Centers insurance policy Insurance policies can be complex and some policyholders may not understand all the fees and coverages included in a policy. As a result, people may buy policies on unfavorable terms. In response to these issues, many countries have enacted detailed statutory and regulatory regimes governing every aspect of the insurance business, including minimum standards for policies and the ways in which they may be advertised and sold. For example, most insurance policies in the English language today have been carefully drafted in plain English the industry learned the hard way that many courts will not enforce policies against insureds when the judges themselves cannot understand what the policies are saying. Typically, courts construe ambiguities in insurance policies against the insurance company and in favor of coverage under the policy. Many institutional insurance purchasers buy insurance through an insurance broker. While on the surface it appears the broker represents the buyer (not the insurance company), and typically counsels the buyer on appropriate coverage and policy limitations, in the vast majority of cases a brokers compensation comes in the form of a commission as a percentage of the insurance premium, creating a conflict of interest in that the brokers financial interest is tilted towards encouraging an insured to purchase more insurance than might be necessary at a higher price. A broker generally holds contracts with many insurers, thereby allowing the broker to shop the market for the best rates and coverage possible. Insurance may also be purchased through an agent. A tied agent, working exclusively with one insurer, represents the insurance company from whom the policyholder buys (while a free agent sells policies of various insurance companies). Just as there is a potential conflict of interest with a broker, an agent has a different type of conflict. Because agents work directly for the insurance company, if there is a claim the agent may advise the client to the benefit of the insurance company. Agents generally cannot offer as broad a range of selection compared to an insurance broker. An independent insurance consultant advises insureds on a fee-for-service retainer, similar to an attorney, and thus offers completely independent advice, free of the financial conflict of interest of brokers andor agents. However, such a consultant must still work through brokers andor agents in order to secure coverage for their clients. Limited consumer benefits In United States, economists and consumer advocates generally consider insurance to be worthwhile for low-probability, catastrophic losses, but not for high-probability, small losses. Because of this, consumers are advised to select high deductibles and to not insure losses which would not cause a disruption in their life. However, consumers have shown a tendency to prefer low deductibles and to prefer to insure relatively high-probability, small losses over low-probability, perhaps due to not understanding or ignoring the low-probability risk. This is associated with reduced purchasing of insurance against low-probability losses, and may result in increased inefficiencies from moral hazard.52 Redlining Redlining is the practice of denying insurance coverage in specific geographic areas, supposedly because of a high likelihood of loss, while the alleged motivation is unlawful discrimination. Racial profiling or redlining has a long history in the property insurance industry in the United States. From a review of industry underwriting and marketing materials, court documents, and research by government agencies, industry and community groups, and academics, it is clear that race has long affected and continues to affect the policies and practices of the insurance industry.53 In July 2007, The Federal Trade Commission (FTC) released a report presenting the results of a study concerning credit-based insurance scores in automobile insurance. The study found that these scores are effective predictors of risk. It also showed that African-Americans and Hispanics are substantially overrepresented in the lowest credit scores, and substantially underrepresented in the highest, while Caucasians and Asians are more evenly spread across the scores. The credit scores were also found to predict risk within each of the ethnic groups, leading the FTC to conclude that the scoring models are not solely proxies for redlining. The FTC indicated little data was available to evaluate benefit of insurance scores to consumers.54 The report was disputed by representatives of the Consumer Federation of America, the National Fair Housing Alliance, the National Consumer Law Center, and the Center for Economic Justice, for relying on data provided by the insurance industry.55 All states have provisions in their rate regulation laws or in their fair trade practice acts that prohibit unfair discrimination, often called redlining, in setting rates and making insurance available.56 In determining premiums and premium rate structures, insurers consider quantifiable factors, including location, credit scores, gender, occupation, marital status, and education level. However, the use of such factors is often considered to be unfair or unlawfully discriminatory, and the reaction against this practice has in some instances led to political disputes about the ways in which insurers determine premiums and regulatory intervention to limit the factors used. An insurance underwriters job is to evaluate a given risk as to the likelihood that a loss will occur. Any factor that causes a greater likelihood of loss should theoretically be charged a higher rate. This basic principle of insurance must be followed if insurance companies are to remain solvent. Thus, discrimination against (i.e. negative differential treatment of) potential insureds in the risk evaluation and premium-setting process is a necessary by-product of the fundamentals of insurance underwriting. For instance, insurers charge older people significantly higher premiums than they charge younger people for term life insurance. Older people are thus treated differently from younger people (i.e. a distinction is made, discrimination occurs). The rationale for the differential treatment goes to the heart of the risk a life insurer takes: Old people are likely to die sooner than young people, so the risk of loss (the insureds death) is greater in any given period of time and therefore the risk premium must be higher to cover the greater risk. However, treating insureds differently when there is no actuarially sound reason for doing so is unlawful discrimination. Insurance patents Further information: Insurance patent New assurance products can now be protected from copying with a business method patent in the United States. A recent example of a new insurance product that is patented is Usage Based auto insurance. Early versions were independently invented and patented by a major US auto insurance company, Progressive Auto Insurance (U.S. Patent 5,797,134) and a Spanish independent inventor, Salvador Minguijon Perez (EP 0700009). Many independent inventors are in favor of patenting new insurance products since it gives them protection from big companies when they bring their new insurance products to market. Independent inventors account for 70 of the new U.S. patent applications in this area. Many insurance executives are opposed to patenting insurance products because it creates a new risk for them. The Hartford insurance company, for example, recently had to pay 80 million to an independent inventor, Bancorp Services, in order to settle a patent infringement and theft of trade secret lawsuit for a type of corporate owned life insurance product invented and patented by Bancorp. There are currently about 150 new patent applications on insurance inventions filed per year in the United States. The rate at which patents have been issued has steadily risen from 15 in 2002 to 44 in 2006.57 Inventors can now have their insurance US patent applications reviewed by the public in the Peer to Patent program.58 The first insurance patent to be granted was 59 including another example of an application posted was US2009005522 risk assessment company. It was posted on March 6, 2009. This patent application describes a method for increasing the ease of changing insurance companies.60 Insurance industry and rent-seeking Certain insurance products and practices have been described as rent-seeking by critics. That is, some insurance products or practices are useful primarily because of legal benefits, such as reducing taxes, as opposed to providing protection against risks of adverse events. Under United States tax law, for example, most owners of variable annuities and variable life insurance can invest their premium payments in the stock market and defer or eliminate paying any taxes on their investments until withdrawals are made. Sometimes this tax deferral is the only reason people use these products. Another example is the legal infrastructure which allows life insurance to be held in an irrevocable trust which is used to pay an estate tax while the proceeds themselves are immune from the estate tax. Religious concerns Muslim scholars have varying opinions about life insurance. Life insurance policies that earn interest (or guaranteed bonusNAV) are generally considered to be a form of riba61 (usury) and some consider even policies that do not earn interest to be a form of gharar (speculation). 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