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What are the basic concepts of insurance?

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What are the basic concepts of insurance?

My query is from why does insurance often provide peace of mind subject

This question was addressed to me by my school teacher while I was bunking the class.

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1 Answer

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Correct answer for this question is: The basic concept of insurance is that one party, the insurer, will guarantee payment for an uncertain future event. Meanwhile, another party, the insured or the policyholder, pays a smaller premium to the insurer in exchange for that protection on that uncertain future occurrence.

The title of my answer is A Brief Overview of the Insurance Sector

My answer's reference is Investopedia

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