1.

Define insurance?Explain the characteristics of insurance

Answer»

Insurance is an arrangement in which you pay money to a company, and they pay money to you if something unpleasant happens to you, for example if your property is stolen or damaged, or if you get a serious illness.

Natureor Characteristics of Insurance

Contract.

Consideration.

Co-operative Device.

Protection of financial risks.

Risk sharing and risk transfer.

Based upon certain principles.



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