MANAGEMENT

Detailed explanation-1: -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-2: -Insured is the person who is covered against risk. On the other hand, the insurer is the company that is providing coverage. It is a service that an insurer provides under a particular insurance policy against a premium paid by the policyholder.

Detailed explanation-3: -2) The insured is the person whose life is being covered against the risk under the policy. 3) The insurer is the insurance company that provides the insurance cover. 4) The proposer is the person who takes the cover and is also called the policyholder.

Detailed explanation-4: -Most insurance providers only cover pure risks, or those risks that embody most or all of the main elements of insurable risk. These elements are “due to chance, ” definiteness and measurability, statistical predictability, lack of catastrophic exposure, random selection, and large loss exposure.