Insurance: Definition, Features (Explained)
In day-to-day life, the man is confronted with various risks. However great a genius he may be, it is not possible for him to foresee all the calamities that are in store for him and to provide necessaries for them to advance. Many happy lives are ruined either by the untimely death of the earning member of the family or by other disastrous calamities such as floods fire, earthquake war, accident, etc. which may take a heavy toll of human life. These risks are such which cannot be known in advance as to when they win happen and it is physically impossible for an individual to make provision against them by him. Insurance is a device not to avert these risks but to mitigate they’re rigorous on individuals. source