In this video series-1, Michael McCord, President, MicroInsurance Centre, LLC, gives a definition of micro insurance and talks about the mechanisms of implementing microinsurance successfully. Michael explains how microfinance has been designed to address the needs of the low income people in managing risks. He notes the importance of educating people so that they can understand microinsurance. He talks about the specific mechanism employed to collect payment; a way that low income people understand and this is done through education. He emphasises the need to educate people to dispel the doubts they bear against insurance.