What is Meant by Insurance

 

According to Law no. 2 Year 1992, Insurance is:

is an agreement between two or more parties, with which the insurer binds itself to the insured, by accepting the insurance premium to provide reimbursement to the insured due to loss, damage or loss of expected profit, or legal liability to a third party which may be subject to the insured, which arising from an uncertain event, or to provide a payment based on the death or life of an insured person.

 

Also read:

Purpose and Function of Insurance

Kinds of Insurable Risks

How to Plan to Participate an Insurance Program

Glossary of insurance terms

Insurance Principles

 

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