Objectives of InsuranceObjectives and Importance of Insurance • July 25th, 2020
Insurance primarily serves the purpose of granting security against losses and damages to people. It is an agreement enters into by two parties in which one promises to protect other from losses in return for premium paid by other party. One party is insurance company and other one is insured. Insurance companies guarantee the insured of compensation in case of any unfavourable contingency. Insured need to pay premium to insurance companies in return for guarantee of compensation.
