Insurance in the United States

Insurance in the United States refers to the market for risk in the United States of America, the world's largest insurance market by premium volume.[1] Of the $4.640 trillion of gross premiums written worldwide in 2013, $1.274 trillion (27%) were written in the United States.[1] Insurance, generally, is a contract in which the insurer (stock insurance company, mutual insurance company, reciprocal, or Lloyd's syndicate, for example), agrees to compensate or indemnify another party (the insured, the policyholder or a beneficiary) for specified loss or damage to a specified thing (e.g., an item, property or life) from certain perils or risks in exchange for a fee (the insurance premium). Readmore: http://en.wikipedia.org/wiki/Insurance_in_the_United_States