Tag: How Insurance Works

  • What is Insurance?  and Principle of Indemnity

    What is Insurance? and Principle of Indemnity

    What is Insurance? Definition of Insurance Insurance is a financial arrangement that provides protection against financial losses caused by unforeseen events. It is a contract (policy) between an individual or business (the insured) and an insurance company (the insurer), where the insurer agrees to compensate the insured for specific losses in exchange for regular payments…