More about Insurance…
Insurance is the practice of redistributing risk by providing compensation for loss from one entity to another in exchange for payment. Insurance is a form of risk management where an entity is prepaid to assume risk of uncertain loss or liability in the case of a predefined set of events.
There are many types of insurance that an individual or business can purchase in the form of an insurance policy. Liability insurance, health insurance, life insurance, vehicle insurance, and property insurance are just a few of the types of insurance available. The individual or business who purchases the insurance policy is the policy holder. The entity or company that sold the insurance is the insurer or insurance carrier.