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While insurance is analogous to gambling in terms of risk and reward, the main difference is in the motivation behind the process (risk seeking vs. risk avoidance). Avoiding, mitigating and transferring certain risk creates greater predictability for consumers and business, and allows people and anizations to use risk intelligently to maximize their opportunities. So long as an insurer maintains adequate funds set aside for anticipated losses, the remaining margin bees their profit. Insufficient credit for deductibles and/or loss control efforts. The Greeks and Romans introduced the origins of health and life insurance c. 600 AD when they anized guilds called "benevolent societies" which acted to care for the families and funeral expenses of members upon death. New insurance products can now be protected from copying with a business method patent. Insufficient credit for deductibles and/or loss control efforts. Life insurance premiums grew by 9.8% during the year due to rising demand for annuity and pension products. |
