What is insurance and it's types

Question

Accepted Answer

Insurance is a contract between an individual and an insurance company to provide financial protection against potential losses.

Insurance is a risk management tool that helps individuals and organizations protect themselves against potential financial losses.
It involves paying a premium to an insurance company in exchange for coverage and financial compensation in case of specified events or losses.
There are various types of insurance, including life insurance, health insurance, auto insurance, property insurance, and liability insurance.
Life insurance provides a death benefit to the beneficiaries of the insured person.
Health insurance covers medical expenses and provides financial protection against healthcare costs.
Auto insurance protects against damages and liabilities related to vehicles.
Property insurance provides coverage for damages or losses to property, such as homes or businesses.
Liability insurance protects against legal liabilities and provides coverage for damages caused to others.
Other types of insurance include disability insurance, travel insurance, and business insurance.
Insurance policies have terms and conditions, deductibles, and coverage limits that vary depending on the type of insurance and the insurance company.

Accepted Answer

Explain in detail.

Top Accenture Transaction Processing Representative interview questions & answers