Insurance

Insurance is an arrangement between the insurer and the insured. Insurer agency, gives a guarantee to the insured to give compensation for specified loss in return for payment of a premium.

If the insured one is a person, the specified loss may included illness or death of a person. In case of death of the insured person, compensation is given to the nominee or the person lawfully entitled the receive the compensation amount.

In case of insured property, the specified loss may include any type of loss, including accident or theft etc. In case of any specified loss to the insured property, the policy holder for the insured property is given compensation.

Insurer agency can be private or public undertaking company, or a government agency or institution established for the purpose.