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. There are many types of insurance policies.

Detailed explanation-2: -When you buy insurance, you purchase protection against unexpected financial losses. The insurance company pays you or someone you choose if something bad happens to you. If you have no insurance and an accident happens, you may be responsible for all related costs.

Detailed explanation-3: -Financial Loss Cover provides cover against financial losses caused by your company or employee to a third party that are not connected to bodily injury or material damage.

Detailed explanation-4: -Insurance and insurance-related services cover life and non-life insurance, reinsurance, insurance intermediation such as brokerage and agency services, and services auxiliary to insurance such as consultancy and actuarial services.-Banking and other financial services.

Detailed explanation-5: -The 4 most common types of financial institutions are commercial banks, brokerage firms, insurance companies, investment banks.