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INSURANCE
Insurance Houston is an advertising directory to help consumers find protection against financial aspects of risk, such as those to property, life,
health and legal liability. It is one method of the overall concept known as risk management.

Insurance Houston
In insurance, the insured makes payments called "premiums" to an insurer, and in return is able to claim a payment from the insurer if the insured
suffers a defined type of loss. This relationship is usually drawn up in a formal legal contract, also known as a policy. The contract will set out in
detail the exact circumstances under which a benefit payment will be made and the amount of the premiums.

In one classic example of insurance, a ship-owner insures a ship and receives payment if the ship is damaged or destroyed. This example is one
of the earliest uses and developments of concepts like insurance. Interestingly, ships are now more often insured through risk pooling and
spreading organizations such as Lloyd's of London because the loss of a large ship going down is too great for one insurer to accept.

In the case of annuities, such as a pension, similar concepts apply, but in some sense in the reverse. When applied to annuities, the terms risk and
loss are somewhat different from traditional insurance as they concern the chances of living beyond life expectancy and the need for income
during the period between annuitization and death.

Insurance attempts to quantify risk by pooling together a large number of risks. This makes use of the law of large numbers. As applied to
insurance, this means that the greater the number of similar risks, the greater accuracy with which insurers can estimate the overall risk.
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