1. بسم الله الرحمن الرحيم دكتور/ عماد إسماعيل أستاذ إدارة الخطر والتأمين المساعد

2. INSURANCE & RISK CHAPTER 2

3. Learning Objectives After studying this chapter, you should be able to: - Define insurance & explain Its basic characteristics. - Explain the law of large numbers.

4. - Describe the requirements of an insurable risk from the viewpoint of a private insurer. - Identify the major insurable & uninsurable risks. - Describe the major types of insurance. - Explain the social benefits & social costs of insurance.

5. DEFINITION OF INSURANCE insurance is the pooling of fortuitous losses by transfer of such risks to insurers, who agree to indemnify insureds for such losses, to provide other pecuniary benefits on their occurrence, or to render services connected with the risk