Insurance is a legal contract between an insurance company, which is the insurer, and the insured which can be an individual, family, or business. In which the insured receives financial protection against losses from the insurer in exchange for a small fee known as a premium. This legal contract is represented by or otherwise known as an insurance policy.
Insurance Policy
Insurance Companies: Definition, Types, and Functions of Insurance Companies
Insurance is a means of protection from financial loss. It is provided by a body which is known as an insurer, insurance company, or underwriter. While the buyer of the insurance is known as a policyholder.
Disability Insurance: Meaning, How it Works, and Types of Disability Insurance
The aim of insurance is to reduce financial uncertainty and make accidental loss manageable. Disability insurance protects you from the risk of losing your income due to injury, medical condition, or illness that meets the definition of disability.