Insurance means a promise of compensation for any potential unexpected future losses. Insurance policy facilitates financial protection against by reimbursing losses during any kind of crisis. There are many insurance companies that offer various options of insurance and an insurance purchaser can select any coverage as per own convenience and preference.

Various insurances provide inclusive coverage with affordable premiums. Premiums are periodical payment and different insurers offer varied premium options. The periodical insurance payments are calculated according to the total insurance amount.

Mainly insurance is used as an effective tool of risk management as measured or quantified risks of different …