Insurance

Things to remember

• Insurance is a way, which provides security to the man and his property against the risk and uncertainty. 
• An insurer is a insurance company which agrees to compensate the specified amount of losses occurred due to risk and uncertainty in return of a premium.
• An insured is a person or organization which takes insurance policy for getting financial compensation against the specified losses arising from risk and uncertainty from the insurer.
• The amount which is paid by the insured to the insurer to transfer the risk of financial losses of his life and property is called insurance premium.