What is insurance short?
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 and its example?
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.
Who is called insure?
As mentioned earlier, the 'insurer' is the one calculating risks, providing insurance policies, and paying out claims. The 'insured,' on the other hand, is the person (or people) covered under the insurance policy.
What is the real meaning of insurance?
: coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril. : the business of insuring persons or property. : the sum for which something is insured.
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