VIEWS OF WESTERN SCIENTISTS ON THE ESSENCE OF INSURANCE

Аннотация

This paper examines the main theoretical approaches of Western scientists to defining the essence of insurance. The analysis covers the economic, legal, behavioral and sociological aspects of insurance as a mechanism for protecting against risks. The views of such authors as Frank Knight, Kenneth Arrow, Harold Laski, Richard Thaler and others are presented. It is shown that insurance is interpreted not only as a financial instrument, but also as an essential element of the social and legal system of society. The study emphasizes the versatility of insurance and its importance in modern conditions.