G. Stansfield
Abstract
Insurance may be defined as a contract whereby, in return for a payment, the insurer guarantees the insured that a certain sum will be paid for a specified loss. Indemnity: under the terms of an indemnity, one body (or individual) undertakes to restore the victim of a loss to his former state. No payment (insurance premium) is usually involved.
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Insurance may be defined as a contract whereby, in return for a payment, the insurer guarantees the insured that a certain sum will be paid for a specified loss. Indemnity: under the terms of an indemnity, one body (or individual) undertakes to restore the victim of a loss to his former state. No payment (insurance premium) is usually involved.
Key concepts: Indemnity, Business, Actuarial science