Insurance is the pooling of risk. In a contract, the insurer agrees to undertake, In consideration of a sum of money(premium), to make good the loss suffered by the insured against a specified risk such as fire and any other similar.
Contingency or compensate the insured/beneficiaries on the happening of a specified event such as accident or death.
There are two parties to an  contract. (i)insurer/assurer /underwriter

The document laying down the term of the contract called insurance. It may be insured against loss arising from uncertain events/casualties /perils in the form of destruction of, or damage to, the property or death/disablement of a person.
The interest which the insured has in the subject-matter of it known as insurable interest. Depending on the subject matter.
(i)In other words, Life insurance, under which a specified amount becomes payable on the death of the insured in other or upon the expiry of a specified period of time, whichever is earlier.
(ii)General insurance, which covers losses caused by fire, accident and marine adventure and so on. In other words, it is important part of anybody’s life.

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