Editor's note: Sources tell Reuters that the US federal government will file lawsuits in DC district court today to block the proposed mergers of health insurers Anthem and Cigna as well as a separate proposed merger of Aetna and Humana. The mergers, if approved, would consolidate the nation's 5 largest health insurers into 3. - Andrew
Sen. Bernie Sanders on Hillary Clinton's proposal to expand healthcare funding: 'The goal of health care reform in America is to guarantee health care for all as a right, what every other major country on earth does. Today's proposal by Hillary Clinton is an important step toward expanding health insurance and health care access to millions of Americans. Efforts to give Americans a public-option choice and to expand Medicare by allowing people to opt in at 55 years are important steps. Together these steps will get us closer to the day when everyone in America has access to quality, affordable health care' - @BernieSanders
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.