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Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.
An entity which provides insurance is known as an insurer, insurance company, insurance carrier or underwriter. A person or entity who buys insurance is known as an insured or as a policyholder. The insurance transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms, and usually involves something in which the insured has an insurable interest established by ownership, possession, or pre-existing relationship.
The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insurer will compensate the insured. The amount of money charged by the insurer to the policyholder for the coverage set forth in the insurance policy is called the premium. If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster. The insurer may hedge its own risk by taking out reinsurance, whereby another insurance company agrees to carry some of the risks, especially if the primary insurer deems the risk too large for it to carry.

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  1. S

    WA Car insurance claim denied

    A friend's son's claim was recently accepted, but was subsequently denied. He's a P-Plater, named as a second driver on the policy. Licence suspension due to double demerits. Got it back, had a stack well after. Insurers denied the claim as 'his licence had been suspended in the past'
  2. M

    QLD Insurance chosen repairer failed to repair car in full

    Hello, I was wondering if someone could provide me with their opinion on the following. At the end of May 2023, another car collided into my car leading to a rear end collision for which I was not at fault. Details of the other driver and their insurance was provided. On the top of the...
  3. M

    VIC Insurance claim - who is at fault? Reversing cars

    Hi all, So this is what happened: It's a clear sunny day, 2:30pm on a weekday. I am after a parking spot at a medical clinic so I turn into the driveway of the car park. There are no available spots on closer inspection. What else is there to do but exit the car park. There is no room to...
  4. J

    WA Bike accident - insurance dispute

    Hi, I was riding my bike, a car overtook me, then 20 seconds later turned left, indicating at the last minute giving me no time to react and I went in to the side of their car. My bike was totalled and their car was damaged. I didn't accept liability and neither did the driver. I then received a...
  5. BillyTea

    NSW NRMA - a question of questionable ethics to managing my claim?

    I have been dealing with NRMA regarding a claim for over three years now. Overview: we had a small mould issue in our house, NRMA moved us out and then did nothing for 4 months and in that time the house was completely filled with mould. NRMA accepted the building claim, NRMA had a hygienist...
  6. OracleImmigrationConsult

    VIC What is the adequate health insurance for visitor visa, tourist visa and student visa Australia?

    What is condition 8501? If the case officer imposes an 8501 visa condition while granting an Australian visa whether it was a mandatory requirement or the officer choose to do so, the holder of that visa must maintain adequate arrangements for health insurance while the holder is in Australia...
  7. JCalchera

    NSW Break and enter and attempt to steal car - Can I claim refund of car insurance excess if individual at fault is convicted and how?

    Hi. Hoping to get some guidance and advice with the following situation. Our house got broken into. Wallet and car keys were stolen. Individuals attempted to steal one of our car parked in our driveway. Crashed the car while reversing into flowerbed. Individuals fled the scene following the...
  8. L

    QLD Credit Card Travel Insurance

    We are going to Tasmania for a driving holiday. Instead of getting travel insurance is it wise to rely solely on the complimentary insurance given by the credit card of the bank? I am wondering if someone has any experience in making claims for this type of insurance. Are they reliable and easy...
  9. C

    VIC Insurance company

    I claimed 3 times in the last three years and received a letter from the insurance company to find another insurance company, is this acceptable?
  10. W

    WA Health Insurance Fund breach of contract

    Are private health funds allowed to change it's policy suspension rule and enforce it retroactively despite having previously signed written contract stating terms and conditions? Is this not considered breach of contract?