Question: Which is the best definition of insurance Brainly?

Which is the best definition of insurance *?

Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients’ risks to make payments more affordable for the insured.

What is insurance by Brainly?

1. an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium. “many new borrowers take out insurance against unemployment or sickness” eddibear3a and 5 more users found this answer helpful.

Which is the best definition of value Brainly?

Explanation: A fair return in goods, services, or money for something exchanged. 2 : worth in money.

What is the definition of premium Brainly?

Definition: Premium is an amount paid periodically to the insurer by the insured for covering his risk. Description: In an insurance contract, the risk is transferred from the insured to the insurer. For taking this risk, the insurer charges an amount called the premium.

IT IS INTERESTING:  Does Medicare cover home doctor visits?

What is insurance class 11?

Insurance Insurance is a contract between the insurer and insured in which insurer agree to make good the loss of insured on happening of an event in consideration of a regular payment called premium. (i) Functions. (a) Protection. (b) Distribution of risk.

What is the best definition of value?

(Entry 1 of 3) 1 : the monetary worth of something : market price. 2 : a fair return or equivalent in goods, services, or money for something exchanged. 3 : relative worth, utility, or importance a good value at the price the value of base stealing in baseball had nothing of value to say.

What is the best definition of the term values quizlet?

A value can best be defined as: a society’s system of beliefs, principles, and traditions that guide behaviors and practices.

What is form Brainly?

Answer: A form is a document with spaces in which to write or select, for a series of documents with similar contents. … Forms, when completed, may be a statement, a request, an order, etc.; a check may be a form.

What is the definition of premium quizlet?

premium. the rate that an insured is charged; fee paid for insurance/rate charged.

What is the definition of premium the value of something?

3 : a high value or a value in excess of that normally or usually expected put a premium on accuracy. premium. adjective. Definition of premium (Entry 2 of 2) : of exceptional quality or amount also : higher-priced.

Why do insurance companies create a pool of funds?

Insurance companies create a pool of funds to handle – RISKS. The insurance companies create a pool of funds or also called risk pool. These pools provide protection to these insurance companies against natural disaster risks like flooding or earthquakes. So, besically they pool the money to pay claims.

IT IS INTERESTING:  Can I service my own car under warranty?