What are the four elements of insurance?
These elements are a definable risk, a fortuitous event, an insurable interest, risk shifting, and risk distribution.
What is the subject of insurance?
Subject of Insurance — one or more units of exposure potentially involved in a single-loss event.
What is insurance in simple words?
Insurance is a legal agreement between two parties – the insurer and the insured, also known as insurance coverage or insurance policy. The insurer provides financial coverage for the losses of the insured that s/he may bear under certain circumstances.
What is insurance types of insurance?
Insurance is a contract in which an insurer indemnifies another against losses from specific contingencies or perils. It helps to protect the insured person or their family against financial loss. There are many types of insurance policies. Life, health, homeowners, and auto are the most common forms of insurance.
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