The term insurance describes the basic principle of collective risk assumption (insurance principle): A large number of people pay an amount of money (insurance premium) to an insurance company in order to receive compensation for damages arising from an event covered by insurance. Therefore insurance means the economic provision against risks according to the principle of probability against the payment of premiums.
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© 2008 Springer-Verlag Berlin Heidelberg
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Steffens, T. (2008). Review of German Private Insurance Law. In: Wendler, M., Tremml, B., Buecker, B. (eds) Key Aspects of German Business Law. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-540-68577-7_17
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DOI: https://doi.org/10.1007/978-3-540-68577-7_17
Publisher Name: Springer, Berlin, Heidelberg
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