Common Contracts
1 similar Insurance Agreement contracts
INSURANCEInsurance Agreement • August 13th, 2024
MEANING: Insurance is a contract whereby an insurer or underwriter agrees to indemnify or compensate the insured in the event of his suffering a loss, damage or liability in return for the payment of a premium by the insured. Insurance is based on the principal of pooling of risks. That is, a number of people who wish to insure life or property contribute to a pool or a fund out of which payments are made to those who actually suffer that particular risk. Assurance is the provision of cover against some risks which must occur at some time in the future, e.g. death of a person. It deals with events which must happen; hence it is based on possibilities.
