The equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management

A specialist in the mathematics of risk, especially as it relates to insurance calculations such as premiums, reserves, dividends, and insurance and annuity rates. They

Independent agent who represents the buyer, rather than the insurance company, and tries to find the buyer the best policy by comparison shopping. (source: investorwords.com

A minimum amount of loss that must be incurred before insurance coverage applies. A franchise deductible differs from an ordinary deductible in that, once it

An insurance that guarantees a fixed buying or selling price regardless of the currency development.

Something that might happen in the future, especially something bad. (source: http://www.macmillandictionary.com/dictionary/british/contingency)

Is the person who receives the payment of the amount of insurance.