SCOPE OF THE SUBJECT

Asthetitle shows that the foundation of risk and insurance relates to risk and insurance. Its objective is to summarize the pervasive nature of pure risk on the individual and on society, and to illustrate the way in which insurance can be used to deal with the problems posed by such risk. It is a book on insurance theory as well as on how students can use insurance personally. The main emphasis is on the insurance product and the use of insurance within the risk management framework. The traditional fields of life insurance, health insurance, property and liability insurance, and social insurance are treated in terms of their relationship to the wide range of insurance risks to which the individual and the business firm are exposed. The text is designed for use in a college-level survey of the area of risk and insurance. As an introduction to the subject, it is intended for students who have had little or no prior education in insurance. It may serve as the basis for more advanced texts for those students who intend to specialize in the field of insurance, and at the same time it constitutes a compendium of what an informed citizen and consumer should know about the subject.