Micronesia insurance tenders

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Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, an insurance company, an insurance carrier or an underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. Policyholder and insured are often used as but are not necessarily synonyms, as coverage can sometimes extend to additional insureds who did not buy the insurance. The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of a payment to the insurer (a premium) in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms. Furthermore, it usually involves something in which the insured has an insurable interest established by ownership, possession, or pre-existing relationship. The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insurer will compensate the insured, or their designated beneficiary or assignee. The amount of money charged by the insurer to the policyholder for the coverage set forth in the insurance policy is called the premium. If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster.

Micronesia is a subregion of Oceania, consisting of about two thousand small islands in the western Pacific Ocean. The region has a tropical marine climate and is part of the Oceanian realm. It includes four main archipelagos—the Caroline Islands, the Gilbert Islands, the Mariana Islands, and the Marshall Islands—as well as numerous islands that are not part of any archipelago. Nationally, the primary income is the sale of fishing rights to foreign nations that harvest tuna using huge purse seiners. A few Japanese long liners still ply the waters. The crews aboard fishing fleets contribute little to the local economy since their ships typically set sail loaded with stores and provisions that are cheaper than local goods. Additional money comes in from government grants, mostly from the United States and the $150 million the US paid into a trust fund for reparations of residents of Bikini Atoll that had to move after nuclear testing. Few mineral deposits worth exploiting exist, except for some high-grade phosphate, especially on Nauru. The tourist industry consists mainly of scuba divers that come to see the coral reefs, do wall dives and visit sunken ships from WWII. Major stops for scuba divers in approximate order are Palau, Chuuk, Yap and Pohnpei. Some private yacht owners visit the area for months or years at a time. Copra production used to be a more significant source of income, however, world prices have dropped in part to large palm plantations that are now planted in places like Borneo. Countries in Micronesia - Guam, Kiribati, Marshall Islands, Micronesia (Federated States of), Nauru, Northern Mariana Islands, Palau, and United States Minor Outlying Islands.