We can define insurance is a practice or arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium or we can say that insurance a thing providing protection against a possible eventuality.
source https://www.caclubindia.com/articles/meaning-of-word-accident-under-insurance-45847.asp
source https://www.caclubindia.com/articles/meaning-of-word-accident-under-insurance-45847.asp
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