Question

Define insurance and discuss the nature and function of insurance

Answer 1

Definition, Functions & Nature ofInsurance. ... Insurance provides certainty: It gives you certainty to receive a certain amount of money after happening of a given contingency. Insurance gives protection: Insurance gives protection from the probable loss which might happen any time.

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Answer 2

Insurance is a type of contract between the individual and the insurance provider.

Here insurer signed a contract saying that they will pay up a specific amount of money on a contingency.

However, an individual has to pay regular amount over time that is a premium so that they can avail this contract.