Book Details

Description:

**Insurance** is a financial mechanism that provides protection against potential financial losses or risks. It involves a contract (known as a policy) between an individual or business (the insured) and an insurance company (the insurer), where the insurer agrees to compensate the insured for specific losses in exchange for regular payments called premiums. Common types of insurance include life, health, motor, property, and liability insurance. The primary purpose of insurance is to provide financial security and peace of mind by transferring the risk of loss from the insured to the insurer.

The subject of insurance covers principles like risk pooling, indemnity, insurable interest, utmost good faith, and subrogation. Students learn how insurance products are developed, underwritten, and priced based on risk assessment. It also delves into regulatory frameworks, claims processing, reinsurance, and the role of insurance in economic stability and development. With increasing uncertainties in life and business, insurance has become a vital part of financial planning. Understanding insurance is essential for careers in insurance companies, underwriting, claims management, actuarial science, and financial advisory services.