insurance meaning

Insurance definition:

Insurance is a contract under which an individual or an entity receives financial protection against losses from an insurance company in case of uncertain events.

Insurance definition in simple words:

Insurance is an arrangement between two parties. Under this, you pay money to an insurance company and they pay money to you if something unfortunate happens like death, loss, damage.

Types of Insurance:

You can get insurance of different types which are listed below:

  1. Life insurance
  2. Property insurance
  3. Marine Insurance
  4. Guarantee Insurance
  5. Social Insurance
  6. Fire Insurance
  7. Liability Insurance

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