Question

Define insurance?define its types

Answer 1

Answer:

Insurance is a legal agreement between two parties i.e. the insurance company (insurer) and the individual (insured). In this, the insurance company promises to make good the losses of the insured on happening of the insured contingency. ... The insured pays a premium in return for the promise made by the insurer.

Answer 2

Answer:

Insurance is a legal agreement between two parties i.e. the insurance company (insurer) and the individual (insured). In this, the insurance company promises to make good the losses of the insured on happening of the insured contingency. ... The insured pays a premium in return for the promise made by the insurer.