Business Studies

What is insurance?


SOLUTION
Insurance is a contract between two parties where one part undertakes or promises to indemnify the loss or damage caused to the other party for the payment of a specific sum. 
The party who indemnifies or makes good the loss is known as the insurer. The party who is to be indemnified is known as the insured. 
The amount to be paid to the insurer is known as premium.
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