What is insurance short answer?
What is 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.
What is insurance in simple words with example?
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 and its type?
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 insurance in simple words Class 11?
It is a contract or agreement under which one party agrees in return for a consideration to pay a specified amount of money to another party to make a loss, damage or injury to something of value in which the insured has a pecuniary interest as a result of some uncertain event.
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What is insurance - files consumerfinance gov files consumerfinance gov/f/documents/cfpb_building_block_activities_what-is-insurance_handout pdf An insurance policy is a written contract between the policyholder (the person or company that gets the policy) and the insurer (the insurance company) The
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