INSURANCE 0 g 7
MEANI!NG OF INSURANCE Insurance helps to minimize the risks and take protection against risk The risk include fire risk,death,accidents, etc. In insurance one party given security to other suffer loss,damage party.
FEATURES OF INSURANCE 1. Risk sharing : Insurance is an sharing of a risk from one individual to a group and on the other hand . Risk transfer 2. Insurance is not a gambling: it depends upon happening or non- happening of uncertain events. 3. It is not a charity: insurance cover is the maturity of the contract at the time of the happening.because charity is always without consideration. 7
4. Insurance is a contract: two parties involve. The insured.: that person Occur damage, loss, death. . The insurer.: that party pay compensation at time of risk. 5. Reduce the risk in business: insurance remove the risks by insuring the risk of loss,due to theft,fire,accidents etc.
. So insurnace policy reduce the risk and provide protection to insured person.
B.com second topper of institute since 5 years and have an 2 years tuition experience I want to become a professor, bank manager.