What is a simple definition of insurance?
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 in simple words for interview?
Insurance is a type of contract represented by a policy. It is a contract between the policyholder and the insurance provider. Insurance is a kind of protection from financial loss. It is a form of risk management and is mainly used to hedge against the risk of an uncertain loss.
What is insurance and its benefits?
Insurance is a financial safety net, helping you and your loved ones recover after something bad happens — such as a fire, theft, lawsuit or car accident. When you purchase insurance, you'll receive an insurance policy, which is a legal contract between you and your insurance provider.
What is the insurance answer?
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.
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