What is insurance: Insurance is a financial

Insurance is a financial protection or reimbursement against losses from accidents, injury, or property damage. Learn about the components, policy types, and regulations of insurance in the U.S. Learn what insurance is , how it works, and why it is important for your financial well-being. Explore different types of insurance , such as general, life, motor, health, and more, and their components, such as premium, policy limit, and deductible. What is Insurance ? Insurance is a contract between two parties. One party is the insured and the other party is the insurer. Insured is the person whose life or property is insured with the insurer. That is, the person whose risks are insured is called insured. Insurer is the insurance company to whom risk is transferred by the insured. That is, the person who insures the risk of insured is called insurer. Thus insurance is a contract between insurer and insured. It is a contract in which ... What is Insurance ? Insurance is a legal contract ( insurance policy) agreed upon between the two parties, namely the insurance firm (also known as the insurer) and the individual or group (known as insured). It is a method that spreads the loss likely to be caused by an unknown occurrence among a number of people who are exposed to it and plan to protect themselves against it. The parties of insurance enter into a contract in which the insured pays the insurer a predetermined sum of money ...