1. From an economic perspective, insurance is a financial arrangement for sharing accidental losses; 2. From a legal perspective, insurance is a contractual act, a contractual arrangement in which one party agrees to compensate the other party for its losses; 3. From a social perspective

From a risk management perspective, insurance is an important part of the social and economic security system and an "exquisite stabilizer" of social production and social life; 4. From a risk management perspective, insurance is a method of risk management.

Extended information: The role of insurance: 1. Insurance must have risks.

The purpose of establishing an insurance system is to deal with the occurrence of specific dangerous accidents. If there is no risk, there is no insurance.

In order to apply the principle of large numbers, risks that may benefit are not within the scope of insurability, so commercial insurance institutions generally do not insure such risks.

2. Insurance must provide financial compensation for losses caused by dangerous accidents.

The so-called economic compensation means that this kind of compensation is not the restoration of the destroyed original objects, nor is it compensation in kind, but monetary compensation.

Therefore, the loss caused by the accident must be economically calculable.

In personal insurance, the value of the person itself cannot be calculated, but human labor can create value. Death and disability of a person will lead to the loss of labor force, thereby reducing the income of the individual or his family and increasing expenses, so personal insurance

It is to use economic compensation or benefits to make up for this increased economic burden, but it does not guarantee that people can recover their lost labor force or life.

3. Insurance must have a mutual financial relationship.

The insurance system adopts the method of spreading the losses to many units to reduce the losses of disaster-stricken units.

Through insurance, policyholders jointly pay insurance premiums, establish an insurance compensation fund, and jointly obtain protection.

4. The insurance contribution must be reasonable.