Akash  kumar
Akash kumar answered

Insurance is commonly known as life assurance. It is an agreement between the consumer and the insurer, where the insurance company offers financial protection or coverage to your family so that they can continue to lead a stable life even in your absence. The payment regarding terminal illness and critical illness depends … Read more

Akash  kumar
Akash kumar voted up Haider Imtiaz's answer
Insurance: Human life is exposed to many risks, which may result in heavy financial losses. Insurance is one of the devices by which risks may be reduced or eliminated in exchange for premium. In words of Chief Justice Tindal, "Insurance is a contract in which a sum of money is paid by the assured in … Read more
Akash  kumar
Akash kumar voted up Nikhil Kar's answer
Hi Insurance is a promise or an assurance by the insurer to the insured to compensate for specific potential future losses in exchange for periodic payments (premiums). Insurance is designed to protect individuals, entity, firms, etc. Against unexpected financial losses. Some insurance forms are mandatory by law while others though extremely useful like life and … Read more