Insurance is a contract which one party undertakes to indemnify another against loss, damage or liability arising from an unknown or contingent event.
OR
Insurance is a provision made for the protection of persons or objects against risks.
OR
Insurance is a pool of risks whereby many people who feel that they may suffer one risk or the other contribute money to create a common fund and indemnify any of them that may suffer any of the insurable risks.
OR
Insurance is an agreement whereby a party known as the insurer agrees to indemnify another party known as the insured/assured for the risk that he may
likely suffer.
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