What is Insurance? Are You Experience or a Fresher?

Question

Accepted Answer

Insurance is a contract between an individual or organization and an insurance company, where the insurer provides financial protection against specified risks.

Insurance is a form of risk management.
It involves the transfer of the risk of a loss from one entity to another in exchange for payment.
The entity providing the insurance is called the insurer, while the individual or organization purchasing the insurance is called the insured.
Insurance policies can cover various risks such as property damage, liability, health, or life.
Premiums are paid by the insured to the insurer in exchange for the coverage provided.
In case of a covered loss, the insured can make a claim to receive financial compensation.
Examples of insurance types include auto insurance, health insurance, homeowner's insurance, and life insurance.

Accepted Answer

in which an insured receives financial protection from an insurer for the losses he may suffer under specific circumstances.

What is Insurance? Are You Experience or a Fresher?

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