What is Insurance?

Insurance is a practice or arrangement by which company or government agency provides a guarantee of compensation for specified loss, damage, illness or death in return for a payment of a premium

In some sense, it’s a thing providing protection against a possible eventuality

Types of Insurance

Insurance

Life Insuranc

e

General Insuranc

e

Life Insurance Insurance that pays out a

sum of money either on the death of the insured person or after a set period

It is a contract between the policy holder and an insurer where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person.

General Insurance General insurance or non-life

insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event

It is basically an insurance

policy that protects you against losses and damages other than those covered by life insurance

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