What is Insurance

Insurance is said to be called a type of management or risk which is used to hedge against risk of contingent, and the uncertain loss, Insurance is defined as the the system, the business, the act of insuring property, one's person, lifes etc against harm or loss arising in contingencies, as accident, as fire, disablement, like, or the death , in consideration of a payment proportionate to the involvement in the risk.And Insurer is type of a company which is used for selling the insurance, policyholder or the insured, is the entity or person buying the insurance policy.