MANAGEMENT

Detailed explanation-1: -Insurance > Contract under which the insurer agrees to provide compensation to the insured in the event of a specified occurrence, for example, loss or damage to property. In return, the insured pays the insurer a premium, usually at fixed intervals.

Detailed explanation-2: -What is an insurance claim? An insurance claim is a formal request to your insurance provider for reimbursement against losses covered under your insurance policy. Insurance is a financial agreement between you and your insurer.

Detailed explanation-3: -The Principle of Indemnity The insurance company promises to compensate the policyholder for the amount of the loss up to the amount agreed upon in the contract.

Detailed explanation-4: -Indemnity is a comprehensive form of insurance compensation for damages or loss. In this type of arrangement, one party agrees to pay for potential losses or damages caused by another party.