MANAGEMENT

Detailed explanation-1: -Self-insurance is a method in risk management in which a company or person sets aside a sum of money so they can use it to mitigate an unexpected loss. By principle, one can self-insure against any type of damage, such as flood or fire.

Detailed explanation-2: -An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured.

Detailed explanation-3: -Self-insure is a risk management technique in which a company or individual sets aside a pool of money to be used to remedy an unexpected loss.

Detailed explanation-4: -Generally, the property insurance policy covers the risks of all the damages caused by fire, theft, wind, smoke, snow, lightning, etc.

Detailed explanation-5: -Different types of general insurance include motor insurance, health insurance, travel insurance, and home insurance.