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Are your intentions with our Insurance Pure?

Types of contracts blog

Insurance is only designed to cover a PURE risk. This is definable in terms of a dollar amount. It can’t cover SPECULATIVE risk – so don’t think the money you lost gambling will be covered! Speculation is the idea of making money, but insurance is designed to replace a loss – not make money for the insured (although wouldn’t that be nice?). Catastrophic risks can’t be covered because they can’t be defined in dollar amounts. So go ahead and avoid that war when possible…

The IRMI website (http://www.irmi.com/) is a good resource for advice and practical strategies for risk management, insurance, and legal professionals. RIMS (http://www.rims.org/Pages/Default.aspx) can also provide you with solid information if you are interested in delving deeper into risk management.

Ready to find out which company and plan is right for you? Check out our Life Insurance page for a list of recommended providers.

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11,289 Comments to "Are your intentions with our Insurance Pure?"

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