What is insurance and health insurance

Health insurance pays most medical and surgical expenses and preventative care costs incurred by the insured person in return for a monthly premium payment.What Is Health Insurance? · How Health Insurance Works

What do you mean by insurance and insurance?

Insurance is a way to manage your risk. When you buy insurance, you purchase protection against unexpected financial losses. The insurance company pays you or someone you choose if something bad happens to you. If you have no insurance and an accident happens, you may be responsible for all related costs.

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 difference between term insurance and health insurance?

The term insurance is the life insurance that helps your family members in case of your unfortunate death. On the other hand, the health insurance assures financial compensation of your medical bills in case of critical illness and prolonged hospitalization.

What is insurance and its types?

Insurance is a legal agreement between two parties i.e. the insurance company (insurer) and the individual (insured). In this, the insurance company promises to make good the losses of the insured on happening of the insured contingency. The contingency is the event which causes a loss.