Common Contracts
1 similar null contracts
MEANING OF INSURANCE:September 17th, 2020
Insurance is a form of contract or agreement under which one party agrees in return of a consideration to pay an agreed amount of money to another party to make good for a loss, damage, injury to something of value in which the insured has a pecuniary interest as a result of some uncertain event. This agreement or contract when put in writing is known as policy. The person who risk is covered is called insured or assured and the company or corporation, who insures is known as insurer, assurer (or) underwriter. Te consideration in return for which the insurer agrees to make good the loss is known as premium.
