What is Insurance? What are the different types of Insurance?

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 businesses protect themselves against financial losses.
It works on the principle of pooling risks, where a large number of people contribute premiums to create a fund that can be used to compensate for losses.
There are various types of insurance, including life insurance, health insurance, auto insurance, property insurance, and liability insurance.
Life insurance provides a payout to beneficiaries upon the insured person's death.
Health insurance covers medical expenses and provides financial protection against healthcare costs.
Auto insurance protects against damages and liabilities arising from accidents involving vehicles.
Property insurance covers losses related to property, such as home insurance or fire insurance.
Liability insurance provides coverage for legal liabilities and damages caused to others.
Other types of insurance include travel insurance, disability insurance, and business insurance.

Accepted Answer

Insurance means life secure .like health insurance.

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