Explain about Insurance

Question

Accepted Answer

Insurance is a contract between an individual and an insurance company, providing financial protection against potential losses.

Insurance is a risk management tool that helps individuals and businesses protect themselves against potential financial losses.
It involves paying a premium to an insurance company in exchange for coverage and financial compensation in case of specified events or losses.
There are various types of insurance, including life insurance, health insurance, auto insurance, property insurance, and liability insurance.
Insurance policies typically outline the terms, conditions, and coverage limits, as well as the premiums and deductibles that policyholders need to pay.
For example, life insurance provides a payout to beneficiaries upon the insured person's death, while health insurance covers medical expenses.
Insurance companies use actuarial science and statistical analysis to assess risks and determine the appropriate premiums for different policyholders.
Insurance plays a crucial role in providing financial security and peace of mind, allowing individuals and businesses to mitigate potential losses.

Accepted Answer

Insurance is a means of protection of financial loss .it is a form of risk management,primalry used tk hedge against the risk of a contignet or uncertain loss ... A person or entity who buys insurance is known as an insured or as a policyholder.

Explain about Insurance

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