What is insurance?
Answers: Wikipedia defines INSURANCE as a form of risk admin primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable verbs of the risk of a loss, from one entity to another, in exchange for a premium. Insurer is the company that sell the insurance.
Bottom line - insurance is betting that you will hold an accident or loss surrounded by your life that someone will later help settle up for. NOUN:
The act, business, or system of insuring.
The state of individual insured.
A means of man insured.
Coverage by a contract binding a party to indemnify another against specified loss contained by return for premiums paid.
The sum or rate for which such a contract insures something.
The interrupted premium paid for this coverage.
A protective weigh up: biking helmets that provide insurance against a head injury