What is Insurance ??
Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for money. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. An insurer, or insurance carrier, is selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy. The amount of money to be charged for a certain amount of insurance coverage is called the premium. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.
Insurance is one of the non-bank financial institutions. Types of Insurance :
1. Auto Insurance
2. Health Insurance
3. Vehicle Insurance
4. Gap Insurance
5. Life Insurance
6. Credit Insurance
7. Property and home insurance
8. Income protection Insurance
9. And other types insurance.
Insurance is very very important for your life and your futute. Many People don't understand about importance of insurance, they don't know benefits and advantages to make an agreement with the insurance companies. Example : Suddenly a serious accident to you or your family. Definetely you will think of how to finance the expenditure of this magnitude. Now with insurance we will get financial drought aided by the insurance company.
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