What is Insurance?

Question

What is Insurance?

Accepted Answer

Insurance is a contract between an individual or organization and an insurance company, where the insured pays premiums in exchange for financial protection against potential losses or damages.

Insurance provides financial protection against unforeseen events or risks.
It involves a contract between the insured and the insurance company.
The insured pays regular premiums to the insurance company.
In case of a covered loss or damage, the insurance company compensates the insured.
Types of insurance include life insurance, health insurance, auto insurance, property insurance, etc.

Accepted Answer

Insurance is a contract in which an insurer indemnifies another against losses from specific contingencies and perils.

Accepted Answer

an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium.

Accepted Answer

Life insurance is protection against financial loss resulting from insured Individual's death.

What is Insurance?

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