What Is Insurance?

Insurance definition in simplified English can be defined as a legal agreement between two parties – probably an individual and a company or a set of people and a company.

In other term, indemnity is a contract that is governed by a policy that allows an individual or an organization to receive or obtain financial protection (or reinforcement) against any losses that may arise in the future, from an indemnity company that they reached the contract with.

How Insurance Works
To understand how insurance works, you need to know that the insurer (the indemnity company) and the insured (the individual) will first get a legal contract for theindemnity and this contract is governed by the indemnity policy.


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