What is Insurance?

   Insurance is the act or method of insuring or assuring against loss. The term is employed in various ways. It may and usually does refer to the system, of business by which a company or Corporation, called an insurance company, but sometimes an assurance company or society, guarantees the insured to a specified extent and under stipulated conditions against pecuniary loss arising from certain contingencies. Ii the contingency provided against be loss of or damage to property by fire or the efforts to extinguish fire, it is called fire insurance; if it be loss through death, it is life insurance; if by shipwreck or disaster at sea, it is known as marine insurance, and so on.