An entity seeking to transfer risk (an individual, corporation, or association of any type, etc.) becomes the 'insured' party once risk is assumed by an 'insurer', the insuring party, by means of a contract, called an insurance 'policy'. Generally, an insurance contract includes, at a minimum, the following elements: the parties (the insurer, the insured, the beneficiaries), the premium, the period of coverage, the particular loss event covered, the hit of coverage (i.e., the amount to be paid to the insured or beneficiary in the circumstance of a loss), and exclusions (events not covered). An insured is thus said to be "indemnified" against the loss events covered in the policy.
Any risk that can be quantified can potentially be insured
