Insurance can be defined as a form of risk management mainly used to protection against unexpected future loss. In simple term Insurance can be defined as the covered against unforeseen loss. It is a written contract or certificate of insurance in which insurance company promise to reimburse in the case of loss.
In broad term Insurance is a promise of compensation for specific potential future losses in exchange for a periodic payment. Insurance can be used as long term financial investment which can give a person high returns in later years.
Popular terms in Insurance
Also known as Insurance company, is an entity selling the insurance.
Well known as policyholder, is the person buying the insurance policy.
The amount to be charged for a certain amount of insurance coverage is called the premium.
means ending time of policy.
Types of Insurance
In the current business world, there are numerous types of insurance can be find like –
* Life Insurance
* Auto Insurance
* Health Insurance
* Property Insurance
* Disability Insurance
* Business Insurance
* Credit Insurance
* Event Insurance