Many or most people living abroad are self-insured, they have enough money to pay for the average problems. Many have insurance in their home country and use the strategy of going home when they need medical help. This page is help collect or research solutions for tourists, travelers, living abroad, living overseas, expats and retired abroad people to manage their travel insurance needs.
Travel Insurance information, Health Insurance, and Self-Insured, there are many aspects to managing Insurance when living abroad, overseas, tourist.
Insurance Defined: In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the insurance; an insured, or policyholder, is the person or entity buying the insurance policy. The insurance rate is a factor used to determine the amount to be charged for a certain amount of insurance coverage, called the premium. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.
The transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate (indemnify) the insured in the case of a financial (personal) loss. The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated.