Statement: US Dept. of Treasury on court ruling MetLife not 'too big to fail': We strongly disagree with the court's decision. [...] FSOC (Financial Stability Oversight Council) conducted a rigorous analysis of MetLife, including extensive engagement with the company, and determined that material financial distress at MetLife could pose such a threat to the financial system. We firmly believe that FSOC acted well within its legal authority to protect the entire global economy' - @USTreasury
Editor's note: For the fourth time in four years, the U.S. Supreme Court today is taking up a challenge to women's access to birth control under the Affordable Care Act. The case, Zubik v. Burwell, arose out of a dispute over the requirement that employers' health plans provide free contraceptive coverage to employees, with an exemption made for religious entities as long as they notify in writing their insurer or the government they want to opt out of the coverage. Today's challenge comes from religious-affiliated employers who say the act of written notification makes them complicit in the provision of contraceptives, which they argue violates their religious freedom. Oral arguments begin at 10 a.m. ET, and we'll cover the proceedings here. - Rebecca
Insurance is a means of protection from financial loss. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss.
An entity which provides insurance is known as an insurer, insurance company, or insurance carrier. A person or entity who buys insurance is known as an insured or policyholder. The insurance 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 the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms, and must involve something in which the insured has an insurable interest established by ownership, possession, or preexisting relationship. The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated. The amount of money charged by the insurer to the insured for the coverage set forth in the insurance policy is called the premium. If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster.