Research Paper: What is Insurance

Sample Research Paper

Insurance in an economic term that is defined as a form of risk management that is used to be prepared against a greater economic loss in the future. The equitable transfer of the risk of a loss is insurance and the transfer occurs between two entities. Risk management is a practice to control risk and to manage the losses that might occur in the future. This is the paper that shall be briefly discussing the history of insurance along with the needs of insurance that has been realized in the past.

In the pages of history, it can be seen that the main need of insurance was realized by the major economic damages to the people in the states and the places that were damaged by great catastrophic disasters. In addition to this the employees who were injured during the industrial accidents were also a part of the concern thereby it was realized that the risk management is necessary which lead to an increase in the award best of the insurance companies on the global scale.

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