Assurance suggests undertaking, by a company,society or the state to give shield against loss, provision against sickness, death, etc. in return for regular payments.
Insurance is social device providing financial compensation for the impacts of incident, the installments being produced using the collected commitments of all members in the plan.
Protection is an agreement in which an aggregate of cash is paid by the guaranteed in light of the guarantor's bringing about the danger of paying bigger total upon a given continuency.
Insurance is a contract between two parties in which one party promises the other party to compensate or reimburse the insured amount in case of loss to his life, goods or property.The contract of compensating any loss is called insurance.
In economics, the process of collecting money to avoid the risk is also called insurance.Every person faces different business.So, the insurance is used as a shield to avoid risks and compensate to losses.
The documents used for writing the contract of insurance are called insurance policy.Insurance is the part of commerce, which helps in eliminating the hindrance of risk to business operation or dealings.
A businessman can perform his business activities without any fear after obtaining insurance policy.At the time of insurance agreement,one party presents a proposal and the other party accepts this proposal to make insurance agreement valid.Generally, the insurance company or insurer is called proposer and the acceptor is called insured.
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