Characteristics of Insurance

20 Characteristics of Insurance

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Characteristics of Insurance Insurance is a complex financial product with numerous characteristics that define its nature and operation. Here are some of the main characteristics of insurance: Sharing of Risks Insurance is a cooperative device to share the burden of risk which may fall on happening of some unforeseen events, such as the death of … Read more

Insurance: Meaning, Definition, 5 Characteristics, Nature, Functions, Limitations

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What is Insurance? Insurance is a contract whereby one person, called the insurer, undertakes in return for the agreed consideration called premium, to pay to another person called the insured, a sum of money or its equivalent on a specified event. In other words, Insurance may be described as a social device to reduce or … Read more