Types & Structure of Insurance :-

TYPES:-

Insurance is broadly divided into two major categories. Life and Non Life. Life Insurance covers mostly a life of an individual against any uncertain eventualities. Non Life covers all materialistic possessions against loss of Fire,Thest,Accidental damage etc.

STRUCTURE:-

Insurance is a system of collecting money from a larger group in small amounts called premium and compensating few people who are victims of losses and damages .

Purpose of Insurance ?

Purpose of Insurance is to protect against future risk which is mostly accidental in nature and an unexpected calamity or incident.