Insurance is a contract between a policyholder and an insurer that provides financial compensation for specified losses or risks. Learn about the key elements of an insurance policy, the different types of insurance plans, and the benefits of insurance for your financial security and savings. 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 ... Insurance is a contract between an insurance company and an individual or business. As per this contract, the insurance company agrees to pay a sum of money in case of damage or loss to the insured person or property. Table of Contents What is insurance ? How does insurance work? What is the deductible in insurance ? Key features of insurance Types of insurance available Must-have insurance products How to decide on the type of insurance you need? Components of life insurance List of benefits and importance of insurance Insurance is the most effective risk management tool which can protect individuals and businesses from financial risks arising out of various contingencies. The emotional and psychological ...
