What is insurance?
Insurance could be a means of providing protection against monetary loss in a very nice selection of situations. It is a contract in which one party agrees to pay for an additional party's financial loss resulting from a specified event.
Insurance works on the principal of sharing losses. If you wish to be insured, against any type of loss, agree to create regular payments, called premiums, to an insurance company. In come, the corporate offers you a contract, the insurance policy. The company promises to pay a sure total of cash for the sort of loss stated in the policy.
