Insurance plays an extremely important part in ensuring the economic well-being of the country, but it does not have a high profile and therefore many people have little idea of the full role it plays.
Insurance is an arrangement by which the insurer promise to
pay the insured or the policyholder a sum of money if something
happens which causes the insured to suffer a financial loss. The
responsibility for paying such losses is then transferred from the
policyholder to the insurer. In return
, in itself, prevent any of risks from occurring but what it will do is provide some form of financial security.


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