Individual or event risk control is the function of insurance which provides financial cover against an event happening using a system of installments that are paid by the insured to the insurer. To have a form of financial compensation should the risk, an sickness or accident for instance happen, is the basis by which the whole world has now accepted and needs insurance. The sum the insured pays, or insurance premium is based on the probability of the event happening and if it doesn’t, the risk taker or insurance firm, keeps the premium paid.