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Economic essence and functions of insurance.

Insurance is a complex of economic relations associated with forming the insurance fund at the expense of the insurers with the purpose of covering the loses caused by some unfavourable events, stipulated in the contract.

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Raison D’être of Risk Management

In order to understand the need for risk management it is necessary to look at the different building blocks of a holistic risk management. Figure 1.1 tries to decompose the risk management into its generic components. The overall aim is to manage the risks a company is facing.

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Forms of insurance activity.

Nowadays there are the insurance companies of the following legal forms:

Joint-stock insurance companies are companies that are formed to carry out insurance operations, which nominal capital is formed by issuing or selling shares. They usually function on the same legal basis as other joint-stock companies and can carry out any kinds of insurance on license basis.

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Insurance development tendencies on the international level

The modern level of development of insurance business in industrially advanced Western countries is characterised by enhancing the tendencies to monopolisation in insurance business and concentration of capital.

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Physical persons’ property insurance.

According to the terms of property insurance contract the following kinds of property can be insured: