Insurance Services Provider in India
As the risk of losses from life – threatening and non–life threatening events increases, so does the need for insurance. When we buy automobile insurance, travel, home or health insurance, we are essentially transferring some of the risk of loss through the payment of premiums to an insurer. The concept of insurance in India The insurance firm ( Insurance services provider ) and the individual enter into a legal agreement known as insurance. In this case, the insurance company guarantees to compensate the insured for any losses incurred as a result of the covered contingency occurring and the insured in turn agrees to pay the premium. The two parties are thus bound by this agreement to perform certain duties under specified conditions. The occurrence that results in a loss is referred to as a contingency. It could be the death of the policyholder or the damage or destruction of the policyholder’s property. Because the outcome of the occurrence is unknown, it is referred to a