Topic Content:
- Meaning of Insurance Company
- Meaning of Insurance
- Assurance and Insurance
- Principles of Insurance
- Functions of Insurance Companies
What is an Insurance Company?
An insurance company can be defined as a financial institution involved in the protection of persons and objects against risks.
What is Insurance?
Insurance can be defined as a contractual agreement to indemnifyIn the indemnity clause, one party commits to compensate another party for any prospective loss or damage. More/pay compensation to a party or person in case of loss/damages.
Compensation is always based on the premium paid and the extent of the loss. The premium in insurance is defined as the payment made to an insurance company in order to have an insurance policy.
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