What is the full meaning 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.
What are 3 types of insurance?
Then we examine in greater detail the three most important types of insurance: property, liability, and life.
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.
What is an example of insurance?
Home or property insurance, life insurance, disability insurance, health insurance, and automobile insurance are five types that everyone should have.
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