Insurance: Managing Risk and Balancing Responsibility with Affordability

Abstract: When people buy insurance, they pay fees, or premiums, to protect themselves in the event of an accident or other covered loss. Insurance differs from many goods and services because people generally do not want to have to use their insurance coverage; most people don't want to get hurt bungee jumping. So, how did insurance get started?

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Bibliographic Information

Provider: Federal Reserve Bank of St. Louis

Part of Series: Page One Economics Newsletter

Publication Date: 2017-02

Pages: 1-7