Insurance meaning and its need.

Insurance meening and its need

If you want some information about the Insurance then you are at the right place. Now here we will teach you A to Z of the Insurance and what you should choose. When we come to Insurance we have 1 question in our Mind that what is an Insurance and why it is needed for ?
    So here firstly we would like to provide you the actual meaning of the Insurance and the need of it.If we want to define it we can say that :-

"A promise of compensation for specific potential future losses in exchange for a periodic specified payment."

          or

"Insurance can also be defined as a thing providing protection against a possible eventuality."

or 

Or we can also say that Insurance is an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss or damage or illness or death in return for payment of a specified premium. 

 Why We Need Insurance

Now one question also comes in our mind that why we need Insurance ? The simple answer is that it is the law. Let us have an example that if you have employees in your company then it is the law that, in the event of an accident or injury at work for which you are legally liable. So you should need to insure a big amount so that you can have that amount in any unwanted circumstances.