Insurance

 

Insurance is a tool used to help manage financial risk. Insurance is essential to every aspect of modern life and business. This concept is to spread the possibility of financial loss among the large businesses. Like any other business, insurance is believed to make money for its company. It protects definite assets from many forms of loss and insures the property owner against liability for damages ensuing from the property use.

Insurance can be defined as “a contract where one party pays the financial loss to the other party if a particular event has occurred like theft, damages, floods, earthquakes, or storm etc. The insurance company’s promises to repay the amount in the case of damages; where the organizations have made pre payment to the insurance companies.

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