Tag: Functions of Insurance

Definition, Functions & Nature of Insurance

Insurance is a contract between the insurance provider (insurer) and the individual or group, in which insurer agrees to pay a certain sum of money to the individual or group upon a given contingency. To take this benefit, individual has…

What is Insurance? Functions of Insurance

Life is full of uncertainties. The chances of occurrence of an event causing losses are quite uncertain. There are risk of death and disability for human life; fire and burglary risk for property; perils of the sea for shipment of…