Summary |
Insurance business is a business that underwrites and processes the risk of many users. Risk is theoretically distributed according to the law of large numbers. In the case of enormous risks where the law of large numbers does not function, risk is distributed through the reinsurance system most often by layering and slicing. The book is as near to a universal operational manual of insurance as is possible in the circumstances of heterogeneity in insurance terms, conditions, privileges and obligations prevailing in different geo-political zone of the world.
|
