1. Fundamentals Terminology Risks---Risk Management---Insurance Mathematical Foundation of insurance---Law of Large Numbers Definition of insurance Financial definition---Redistribution Legal definition ---Contracts Others, the insurer the insured a premium a Policy, the Insured's Exposure to Loss, Right duty1. Fundamentals & Terminology ▪ Risks---Risk Management---Insurance ▪ Mathematical Foundation of Insurance---Law of Large Numbers ▪ Definition of Insurance Financial Definition---Redistribution Legal Definition---Contracts Others: the Insurer, the Insured, a Premium, a Policy, the Insured’s Exposure to Loss, Right & Duty