INSURANCE: Minimizing Your Loss and Managing Risk

Abstract

The importance of insurance is frequently recognized only after a major loss. The attitude that fire and other hazards never happen “at home” has led to the faulty reasoning that insurance coverage and loss systems should be acquired at moderate cost. But the cost of protection is relatively inexpensive, especially when compared to the possible losses that might be incurred. The very nature of insurance is based on the laws of probability and the estimates of the risk of loss.

Citation

Laiming, S. and Laiming, P. (1989), "INSURANCE: Minimizing Your Loss and Managing Risk", The Bottom Line, Vol. 2 No. 1, pp. 14-16. https://doi.org/10.1108/eb025152