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Answer Posted / h.r. sreepada bhagi
Insurance is the way to cover uncertain future risks which
may result in financial loss or expense from an insurance
company/ies by paying a certain premium.
It may be life insurance or non-life insurance. Life
insurance is also called life assurance as the insured gets
back a certain sum of money. However in case of non-life
insurance payment of money by the insurance company to the
insured depends up on happening or otherwise of certain
acts/incidents causing financial loss/expense.
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