Question

Define insurance. Explain the various principles of insurance.

Answer 1

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Answer 2

Answer:

Insurance is the means by which the risk of loss can be passed on to the other party (insurer or insurer) by paying some fee (called premium).

There are some principles while making Insurance:-

Principle of trust:- Under this principle, there should be complete trust between the insurance company and the person. When an insurance company insuraces someone, they should give information with full confidence. The whole truth about insurance should be told about what kind of risk our company covers. What conditions apply.

Principle of compensation:- Under this principle, the person or company in which the insurance is done is given only its reason. For damages will be compensated or compensated for which he got Insurance.