What is insurance

Question

What is insurance

Accepted Answer

Insurance is a financial protection against potential losses or risks.

Insurance is a contract between an individual or entity and an insurance company.
The individual or entity pays a premium in exchange for coverage against specific risks.
If the insured event occurs, the insurance company pays out a claim to cover the losses.
Types of insurance include health, life, auto, home, and property insurance.
Insurance helps individuals and businesses manage financial risks and uncertainties.

Accepted Answer

A Legal agreement between 2 parties. One party agrees to pay another party a agreed sum of money on a monthly basis, as a form of security which the other party will be liable to pay them back in case of any loss or emergency mentioned as in the agreement.

What is insurance

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