The definition of insurance is to pay a certain amount of insurance premiums taking into account the risk that the insurer may pay a large amount of expenses in a given accident. Therefore, the insurance is a contract. According to the contract, (a) a certain amount of premium in the consideration, (b) guarantees that the insurer who receives the insurance premium pays a large amount relative to the consideration, (c) The payment will be made in a certain amount, namely the loss or the policy amount, whichever is higher; and (d) only pay in unexpected circumstances. More specific definitions can be made as follows:-Insurance can be defined as consisting of one party (the insurer) agrees to pay a certain amount of expenses to the other party (the insured) or its beneficiaries, the amount is in a given unexpected expense ( Risk) is considered.
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