Financial security system

A financial security system finances unknown future obligations. Such a system involves an arrangement between a provider, who agrees to pay the future obligations, often in return for payments from a person or institution who wish to avoid undesirable economic consequences of uncertain future obligations.[1] Financial security systems include insurance products as well as retirement plans and warranties.[2]

References
  1. Beckley, Jeffrey A.; Scahill, Patricia L.; Varitek, Matthew C.; White, Toby A. (2012). Klugman, Stuart A. (ed.). Understanding Actuarial Practice. Society of Actuaries. p. 15.
  2. Carpenter, Jill (2000). "Introduction to Financial Security Systems" (Document). Education and Exam Committee of the Society of Actuaries.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.