Insurance

Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.

“Insurance” is to reduce the risk and to provide Certainty and Security against uncertainty. It eliminates risk but compensates loss. There is no end of risk and therefore, no limit of loss, death will forge, fire will consume and accident shall occur, loss from the incident can only be lessened but cannot be avoided, insurance has nothing to do with their occurrences but may reduce the loss had the incident occurred, by spreading the total loss amongst the community of insured, insurance is thus a device to remove the economic consequence of uncertainty. Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.


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