What is Insurance

What is Insurance

Today we are going to Learn “What is Insurance“. Whenever any unforeseen event occurs in someone’s life, There is bound to be a financial loss. This financial loss can’t be replaced or banished but after research humans found only one instrument, That can mitigate the effect of that financial loss which is called insurance.

Unforeseen Event 1:

First Unforeseen Event regarding “What is Insurance”. One day, as usual, I woke up and got ready for the office. I switched on my car and started my journey towards the Office. My car speed was just 30 km/h. The moment I reached the main road, an Auto Rickshaw hit my car. I was shocked and unable to understand what happened. After a few minutes, I came out of my Car. My car was hit badly with a big dent in the left door. The backlight and mirror have been broken. I was too worried but luckily my car was insured. I feel a bit relaxed.

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Unforeseen Event 2:

I remember It was 3^rd August 2019 just before 2 days of Eid. I have planned to celebrate Eid in my home town. We were on the way to our hometown. We received a call from a neighbor that your house caught fire. This was totally unexpected, and we were shocked. We reached back. All house was burnt, and everything melted. Unfortunately, the house was not insured. We have to bear the all financial loss.

Unforeseen Event 3:

I never forget that event, one of my young best friends died in a road accident. One morning he was on to The highway with his mother on his bike. One vehicle hit his bike and he was seriously injured and died. Moreover, He was too young married. And had one kid as well. luckily, He was insured.

Definition of What is Insurance

Definition 1:

So, What is Insurance, Insurance can be defined as a risk transfer mechanism.

Definition 2:

Insurance can mitigate your Financial risk.

Definition 3:

So, Insurance can be defined as protection or a safe net.

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