Insurance is an agreement between two parties the insured and the insurer, where by the insurer agree to provide protection for a certain amount called PREMIUM.the two parties involved the insured and the insurer.
The insured is the policy,he seeks for protection from the insurance company that is the insurer while
The insurer is the insurance company that the insured seek cover from, when he suffered a loss he will be compensated for the loss he has suffered .
Insurance is a risk transfer mechanism: That is an individual or business organization can shift some uncertainty to other insurance companies for help and support.
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