Insurance
What does it mean to insurance? Insurance is a form of financial loss protection in which a party agrees to compensate another party in the event of a specific loss, damage, or injury in exchange for a fee. It is a type of risk management that is primarily used to protect against the risk of a contingent or uncertain loss. An insurer, insurance company, insurance carrier, or underwriter is a company that sells insurance. A policyholder is a person or entity who purchases insurance, while an insured is a person or entity who is covered by the policy. The insured receives a contract , known as an insurance policy, outlining the terms and conditions under which the insurer will compensate the insured, or their designated beneficiary or assignee. The premium is the amount of money charged by the insurer to the policyholder for the coverage specified in the insurance policy. If the insured suffers a loss that may be covered by the insurance policy, the insured files a claim with the in...