Insurance provides compensation for individuals and businesses against losses from unforeseen events. The main aims of insurance are to offset these losses through contracts that indemnify the insured in the form of policies. Key terms include the insurer, insured, premium, policy, and indemnity. While life assurance insures against death and liability insurance covers legal responsibilities, some risks like acts of God, war, or recurring events are generally not insurable.

1. Insurance – Lecture 1 Mark Griffin

2. Insurance Lecture 1 Why is there a need for insurance. What are the main aims of Insurance Risks that are not Insurable

3. Why is there a need for Insurance? The contract of insurance was developed by the commercial world. Offset the loss individuals and businesses may suffer through the occurrence of an unforeseen event.

4. Insurance – Lecture 1 A contract of insurance may be in any form such as a deed, in writing or verbal. In practice, such a contract is in the form of a ‘policy’ a written document. Stating the terms of the contract.

5. Types of Policies ‘In General’ Life Assurance Liability Insurance

6. Insurance - Lecture 1 Life Assurance – insures against an event which must happen – i.e. Death. Liability Insurance –insures against an event or events which may happen.

9. The Insured

10. Premium

11. Policy

12. Life Assurance

13. Indemnity