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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Last modified March 23rd, 2016 by Team

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