Definite Description At All About Insurance
Insurance in the equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a from of risk managemant primarily used to hedge against the risk of a contingent, uncertain loss.
An insurance, or insurance carrier, is company selling the insurance, the insured, or policyholder, is the person or entity buying the insurance policy. The amounth of money to be charged for a certain amount of insurance coverage is called the premium. Risk managemant, the practice of apprasing and controlling risk, has evolved as a discrete field of study and practice.
The transaction involves the insured assuming a guaranteed and know relatively small loss in the from of payment to the insurer in exchange for the insurer's promise to compensate (indemnify) the insured in the case of a financial (personal) loss. The insured receives a contact, called the insurance policy, whinch details the conditions and circumstances under which the insured will be financially compensated.
The transaction involves the insured assuming a guaranteed and know relatively small loss in the from of payment to the insurer in exchange for the insurer's promise to compensate (indemnify) the insured in the case of a financial (personal) loss. The insured receives a contact, called the insurance policy, whinch details the conditions and circumstances under which the insured will be financially compensated.
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