Risk transfer: Risk is transferred equitably among the
group of individuals who are exposed to similar kinds of risk, in exchange for
a small contribution called ‘premium’. The underlying principle...
Policyholder/insured Definition by various institutes / underwriters / insurance companies
An individual or an organization who purchases an insurance policy from the insurer by paying a premiu...
Insurance Definition by various institutes / underwriters / insurance companies
Insurance is a contract between the insurer and a policyholder/insured, where the insured pays a premium as consideration and the insurer promises to pay a certain amount of money or provide...
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