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What is Insurance?

A contract, referred to as a policy where an insured pays a sum of money referred to as a premium, to an insurer, who in return agrees to pay for loss the insured suffers in defined circumstances.

Insurance is a protection against financial loss arising on the happening of an unexpected event/accidents. Insurer collect premiums to provide for this protection from various people. The trick is not everybody is in problem all the time. A loss is paid out of the premiums collected.

For Example, in a Life Policy, by paying a premium to the Insurer, the family of the insured person receives a fixed compensation on the death of the insured or at the completion of the policy at said terms.

Similarly, in a car insurance, in the event of the car accident, the insured receives the compensation to the extent of damage or the actual value of the vehicle insured.

Some Insurance Related Links:

International Insurance

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