Insurance - Know what is insurance , types of Insurance in India, and why you need it. Also, check why you should buy and the top reasons to buy Insurance . Insurance is a contract between an insurance company and an individual or business. As per this contract, the insurance company agrees to pay a sum of money in case of damage or loss to the insured person or property. What is Insurance ? Represented in a form of policy, Insurance is a contract in which the individual or an entity gets the financial protection, in other words, reimbursement from the insurance company for the damage (big or small) caused to their property. insurance , a system under which the insurer, for a consideration usually agreed upon in advance, promises to reimburse the insured or to render services to the insured in the event that certain accidental occurrences result in losses during a given period. It thus is a method of coping with risk.
