MANAGEMENT

Detailed explanation-1: -Insurance coverage can be defined as a contract in the form of a financial protection policy. This policy covers the monetary risks of an individual due to unpredictable contingencies. The insured is the policyholder whereas the insurer is the insurance-providing company/the insurance carrier/the underwriter.

Detailed explanation-2: -In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay.

Detailed explanation-3: -Most insurance policies are unilateral contracts in that only the insurer makes a legally enforceable promise to pay covered claims.

Detailed explanation-4: -An insurance policy is a legal contract between the insurance company (the insurer) and the person(s), business, or entity being insured (the insured).

Detailed explanation-5: -Four types of insurance that most financial experts recommend include life, health, auto, and long-term disability.