About Insurance : · Insurance is a legal agreement between two parties i.e. the insurance company (insurer) and the individual (insured). Insurance is the most effective risk management tool which can protect individuals and businesses from financial risks arising out of various contingencies. The emotional and psychological loss can never be compensated, but at least the financial loss can be compensated with insurance. In simple words, insurance is a risk transfer mechanism, where you transfer your risk to the insurance company and get the cover for financial loss that you may face due to unforeseen events. And the amount that you pay for this arrangement is called premium. There are various types of insurance products available in India. Mainly, insurance products are classified as: · Life insurance products - Life insurance covers you against the risk of death. Life...
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