Insurance


Insurance


Insurance

Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients' risks to make payments more affordable for the insured.

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Insurance law is the collection of rules and regulations that are related to insurance, which is a contract between two parties in which one party promises to save another in the event of loss, harm or injury.

It transfers the risk of loss to the other party to the contract in exchange for a fee called a premium. Insurance laws and regulations manage and control how insurance contracts are formed and enforced.

An agreement is considered to be one of insurance only when it distributes risk amongst a large number of people through an enterprise which is primarily involved in the business of insurance.

A warranty is not insurance.

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Ankit Gupta

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Rajesh Yadav Sn

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Sanjay Tiwari

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