What is insurance? Why it is important?

Question

Accepted Answer

Insurance is a risk management tool that provides financial protection against potential losses.

Insurance is a contract between an individual or organization and an insurance company.
It involves paying a premium in exchange for coverage against specific risks.
Insurance helps individuals and businesses manage the financial impact of unexpected events.
It provides peace of mind by transferring the risk of potential losses to the insurance company.
Insurance is important because it protects against financial hardships caused by accidents, illnesses, property damage, or legal liabilities.
For example, health insurance covers medical expenses, car insurance covers damages in accidents, and property insurance covers losses due to fire or theft.

Accepted Answer

insurence is a financial safety net, helping you and your loved ones recover after something bad happens .insurence is an important financial tool

Accepted Answer

Insurance is an financial safety for you and your loved ones to recover after some bad happened

Top ICICI Prudential Life Insurance Senior Financial Service Manager interview questions & answers