Insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. The basic role of insurance is risks management. Insurance company guaranteed to pay certain amount as compensation against losses may be it business loss or life loss.
For getting insurance policy you have to pay premium time to time. Insurance basically help to recover from any loss by paying money.
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