What is the deffination of insurance?

Question

What is the deffination of insurance?

Answer 1

Insurance is the transfer of risk from oneself, who usually cannot afford the replacement cost themselves, to another who can afford the replacement cost, ie the company. There is also an exchange of payment on your part that settles the deal. As long as you continue to make the monthly payments, the company will send a check for the replacement costs.

Answer 2

The core concept is shared risk--a large group contributing a small amount of money to pay for losses any member might incur. The insurer invests the money to earn a profit and to make sure it has enough money to cover losses.

Answer 3

A contract  undertaken by one party with payment  to secure against loss, damage and/or risk.

Answer 4

A promise of reimbursement in the case of loss; paid to people or companies so concerned about hazards that they have a made prepayments to an insurance company

Answer 5

Protection against loss for which you pay a certain sum periodically in exchange for a guarantee that you'll be compensated under stipulated conditions for any specified loss by fire, accident, death, etc

Answer 6

Definition:

It is a contribution of people who formed as a group and help themselves.

This contribution helps when any of the group member is in trouble.