what is insurance class 11

Insurance is a contract in which an individual or an entity receives financial protection or reimbursement against losses from an insurance company. It is a device by which the loss likely to be caused by an uncertain event is diversified over many persons who are exposed to it and who prepare to insure themselves against such an event. Insurance is a critical tool for businesses because it helps them to cover their bases while operating. It is represented in the form of a policy and is based on certain principles, including utmost good faith, insurable interest, indemnity, subrogation, contribution, and loss minimization