What is Insurance?

insurance maja

Definition of Insurance.

Insurance payments in exchange for the risk of loss from one party to a similar acquisition,that is. It's mainly a contingent ,uncertain loss risk is a form of risk management used to hedge against.

The Charted insurance institute to study the scripture, there is a risk of the following categories :

1. Finance risk is the risk that financial measure is a must.
2. Gambling-related risk must be real and not a pure risk.
3. The risk specific to the earthquake risk in the region,as it says, for       
    example,are at risk, which means that their effect is not exhaustive.

It usually only pure and absolute risk of financial insurance that is accepted.

Insurance in India.

In India both state and private sector organizations in the Insurance cover for the insurance market.It can be done only by government,which means the law of the Union List in the Seventh Schedule to the Constitution of India are listed.

However , India,Life insurance company still owned by the government and the insurance policy issued by a sovereign guarantee is carrying.

Major types Of Insurance.

1. Agriculture Insurance.

2. Health insurance.

3. Life Insurance.

4. Vehicle insurance.