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In 2017, within the framework of the joint project of the [[Central Bank of Russia|Bank of Russia]] and [[Yandex]], a special [[check mark]] (a green circle with a tick and 'Реестр ЦБ РФ' (Unified state register of insurance entities) text box) appeared in the search for Yandex system, informing the consumer that the company's financial services are offered on the marked website, which has the status of an insurance company, a broker or a mutual insurance association.<ref>{{Cite web|url=http://www.cbr.ru/eng/press/event/?id=1568|title=Insurers' websites receive first marks {{!}} Банк России|website=www.cbr.ru|access-date=21 May 2018}}</ref>
==Insurance practices and controversies==
===Does not reduce the risk===
Insurance is just a risk transfer mechanism wherein the financial burden which may arise due to some fortuitous event is transferred to a bigger entity (i.e., an insurance company) by way of paying premiums. This only reduces the financial burden and not the actual chances of happening of an event. Insurance is a risk for both the insurance company and the insured. The insurance company understands the risk involved and will perform a [[risk assessment]] when writing the policy.
As a result, the premiums may go up if they determine that the policyholder will file a claim. However, premiums might reduce if the policyholder commits to a risk management program as recommended by the insurer.<ref>{{Cite web|last=Libatique|first=Roxanne|title=Senior broker on the importance of reducing clients' risk exposure|url=https://www.insurancebusinessmag.com/au/features/broker-profiles/senior-broker-on-the-importance-of-reducing-clients-risk-exposure-218357.aspx|access-date=2020-11-05|website=www.insurancebusinessmag.com|language=en}}</ref> It is therefore important that insurers view risk management as a joint initiative between policyholder and insurer since a robust risk management plan minimizes the possibility of a large claim for the insurer while stabilizing or reducing premiums for the policyholder. [[University of Tennessee]] research published in 2014 found that all company staff in the businesses they surveyed recognised the importance of insurance but largely they were too distant within their organization from the provision or cost of insurance to be able to relate to company insurance needs.<ref>SpotSee, [https://cdn2.hubspot.net/hubfs/2072862/SpotSee%202017/3.2%20Resource%20Library/Assessing%20the%20Total%20Cost%20of%20Damage_HR.pdf?t=1535384103237 Assessing the Total Cost of Supply Chain Damage], ''www.spotsee.io'', revised in January 2024, accessed on 25 November 2024</ref>
If a person is financially stable and plans for life's unexpected events, they may be able to go without insurance. However, they must have enough to cover a total and complete loss of employment and of their possessions. Some states will accept a surety bond, a government bond, or even making a cash deposit with the state.{{citation needed|date=April 2017}}
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=== Insurance on demand ===
Insurance on demand (also IoD) is an insurance service that provides clients with insurance protection when they need, i.e. only episodic rather than on [[24/7 service|24/7]] basis as typically provided by traditional insurers (e.g. clients can purchase an insurance for one single flight rather than a longer-lasting travel insurance plan).{{fact|date=September 2024}}
===Insurance industry and rent-seeking===
Certain insurance products and practices have been described as [[rent-seeking]] by critics.{{Citation needed|date=September 2008}} That is, some insurance products or practices are useful primarily because of legal benefits, such as reducing taxes, as opposed to providing protection against risks of adverse events.{{fact|date=September 2024}}
===Religious concerns===
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Some Christians believe insurance represents a lack of faith.<ref>{{Cite web|last=|first=|date=|title=Insurance: A Christian Perspective - Faith in Business|url=https://www.faithinbusiness.org/Articles/590904/Insurance_A_Christian.aspx|archive-url=https://web.archive.org/web/20210301160649/https://faithinbusiness.org/Articles/590904/Insurance_A_Christian.aspx|archive-date=1 March 2021|access-date=5 January 2021|website=www.faith-in-business.org|url-status=dead}}</ref><ref>{{Cite web|url=https://www.crosswalk.com/family/finances/planning/is-your-insurance-a-lack-of-faith-in-god.html|title=Should Christians Buy Insurance?|website=Crosswalk.com|access-date=25 December 2018}}</ref>
|author = Donald B. Kraybill|page = 277|isbn = 978-0-8018-3682-4|year = 1989|url-access = registration|url = https://archive.org/details/riddleofamishcu000kray
|publisher = Baltimore : Johns Hopkins University Press}}</ref><ref>{{cite web| url = http://www.gameo.org/encyclopedia/contents/I583ME.htm| title = Global Anabaptist Mennonite Encyclopedia Online, Insurance| access-date = 18 January 2010 }}</ref>
==See also==
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