What is insurance in simple word?
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 does insurance mean to you in one word?
Insurance is an arrangement in which you pay money to a company, and they pay money to you if something unpleasant happens to you, for example if your property is stolen or damaged, or if you get a serious illness. The insurance company paid out for the stolen jewellery and silver.
What is insurance in simple words with example?
Insurance is a contract between the insurer and the insured, whereby the insurer agrees to compensate the insured against the loss on account of unforeseen future event. It serves as a means of protection from financial loss.
[PDF] What is insurance - filesconsumerfinancegov
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