Question

what is insurance and its types
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Answer 1

Answer:

Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier or underwriter.

Types of Insurance. Basically, there are two types of insurance, as presented below: Life Insurance: The insurance that covers the risk of the life of the insured is called Life insurance. ... This is also called as an Assurance, as the event, i.e. death of the insured is certain.

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From shivi.....

Answer 2

Insurance refers to contractual arrangement in which one party i.e insurance company or the insurer, agrees to compensate the loss or damage sustained to another party i.e the insured by paying a definite amount, in exchange for an adequate consideration called as premium

Types are

1. Life insurance
2. General insurance
3. Vehicle insurance
4. Health insurance
5. Home insurance etc