What is Insurance?
Definition: An instrument for managing financial risk in which the insured transfers the risk of potential financial loss to the insurance provider, which reduces it in exchange for a monetary payment called the premium.
Many types of insurance plans exist depending on the risk they reduce in the agreement between the policyholder and the insurance company. Life, health, automobile, travel, home, rural, commercial, and business insurance are among the broad categories.
The Indian government’s Insurance Regulation and Development Authority is the entity in charge of regulating and developing the country’s insurance industry.
Just what is insurance? view the video
