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What is the meaning of insurance in business studies?

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in Insurance by (82.5k points)
What is the meaning of insurance in business studies?

Origin of the question is Insurance topic

I have been asked this question by my college professor while I was bunking the class.

Other related questions to my question are:

What is the meaning of insurance in simple words?

What is insurance class 11?

What is insurance and its types?

What is insurance and its importance?

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Correct answer is: 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.

The title of my answer can be Insurance Definition

 You can read more about by answer on Investopedia

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