Insurance is defined as the undertaking
of compensation for a particular loss in exchange for periodic
payment. Insurance is intended to protect the pecuniary well-being of
individuals, companies in the event of unexpected loss.
There are many types of
insurance services, these include; life insurance, car insurance,
house/property insurance, business insurance and more. Just as
the definition states that it is the undertaking of compensation
given to the affected party after a misfortune it is important to
know how insurance works generally.