Insurance

Insurance denotes a contract in the form of the policy between the insurer and the insured, whereby the former undertakes to indemnify the latter against any loss to the insured arising out of contingency as mentioned, In the policy, in exchange of a sum of money known as Premium, paid by the insured to the insurer. In Case of a life insurance policy, however, the insurer, unlike in other types of insurances, undertakes to pay the insured a specified sum after a fixed period, or to his assigned on the happening of death of the insured. Though the latter type of insurance is strictly called " ASSURANCE", while the former one Insurance.