Insurance is an agreement where one party agrees to take on the financial risk of potential losses for another party in exchange for regular payments. It allows for the equitable distribution of risk across many individuals or entities to help cover unexpected costs that could be difficult for any single party to bear alone. The party that agrees to take on the risk is the insurance company, and the other party is the policyholder who pays premiums for a guarantee that losses will be covered.
Insurance is an agreement where one party agrees to take on the financial risk of potential losses for another party in exchange for regular payments. It allows for the equitable distribution of risk across many individuals or entities to help cover unexpected costs that could be difficult for any single party to bear alone. The party that agrees to take on the risk is the insurance company, and the other party is the policyholder who pays premiums for a guarantee that losses will be covered.
Insurance is an agreement where one party agrees to take on the financial risk of potential losses for another party in exchange for regular payments. It allows for the equitable distribution of risk across many individuals or entities to help cover unexpected costs that could be difficult for any single party to bear alone. The party that agrees to take on the risk is the insurance company, and the other party is the policyholder who pays premiums for a guarantee that losses will be covered.