Insurance is a contract between an Individual or a group of individuals and an insurance company. The person who takes insurance is called ‘Insured’ and the person who insures is called ‘Insurer’. The insured agrees to pay a premium to the insurer in exchange for compensation in case of loss of property, illness, death or damage. The premium that is paid assures the insured that he or she is financially protected. There are different types of insurance – Car, Life, Health, travel Insurance.
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