Reflection Paper
The concept of insurance may have started a long time ago through informal risk sharing practices. Modern insurance is a more recent development that began in the 16th Century. However, the impact and the essence of insurance only became of interest to the financial market over 100 years ago and it has grown to be an immense international business. The insurance theory is applied in a number of ways including the Affordable Health Care Act, compensation of workers, liability, and property. The insurance theory also has a wide array of functions in claims administration, underwriting, marketing and in companies ...
