MANAGEMENT

Detailed explanation-1: -Insurance is a contract in which an insurer indemnifies another against losses from specific contingencies or perils. It helps to protect the insured person or their family against financial loss.

Detailed explanation-2: -Most insurance policies are unilateral contracts in that only the insurer makes a legally enforceable promise to pay covered claims.

Detailed explanation-3: -"(a) A contract of insurance is an agreement whereby one undertakes for a consideration to indemnify another against loss, damage or liability arising from an unknown or contingent event.

Detailed explanation-4: -A policy is a contract between the individual and the insurer specifying the terms of the insurance arrangements. A policyholder is the consumer who purchased the policy. The policy will state the premium and deductible amounts. A premium is the fee paid to the insurer to be covered under the specified terms.