what is insurance? write its defination and what are the main principal of insurance?
Answers
Answer:
It is the 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 also known as insurer.
The main principle is-
The entity will choose to spend small periodic amounts of money against a possibility of a huge unexpected loss .Basically all the policy holders pool their risks together .Any loss that they suffer will be paid out of their premiums which they pay.
Explanation:
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Answer:
Insurance contracts are created solely as a means to provide protection from unexpected events, not as a means to make a profit from a loss. Therefore, the insured is protected from losses by the principle of indemnity, but through stipulations that keep him or her from being able to scam and make a profit.
Explanation:
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