What is insurance?
Insurance is a contract between an insurer who in return for a premium, indemnifies an insured against losses resulting from a specified event.
The insurance contract will always be for a defined term or on the occurrence of the specified event.
For a business a number of different insurance covers may be required including the following:
- automobile insurance
- liability insurance
- life insurance
- shop insurance
- whole life insurance
- health insurance
- accidental loss insurance
For further information see the Wikipedia insurance definition.
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