life and property of an existent are girdled by the threat of death, disability or destruction. These pitfalls may affect in fiscal losses. Insurance is a prudent way to transfer similar pitfalls to an insurance company.Insurance : Importance
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- What’s Insurance?
- How does insura
- nce work?
- What are the types of insurance available in India?
- Life insurance
- Health insurance
- Auto insurance
- Education Insurance
- Home insurance
- What are the duty benefits on insurance?
- Conclusion
- What’s Insurance?
Insurance is a legal agreement between two parties i.e. the insurance company (insurer) and the existent ( ensured). In this, the insurance company promises to make good the losses of the ensured on passing of the ensured contingency. The contingency is the event which causes a loss. It can be the death of the policyholder or damage/ destruction of the property. It’s called a contingency because there’s an query regarding passing of the event. The insured pays a decoration in return for the pledge made by the insurer.