ABSTRACT
Insurance is the transfer of that risk which we mostly don't like to think about, but should the need arise, we desperately hope we had thought of and prepared for it sooner. The goal of risk management using insurance is that we are well prepared on such occasions to eliminate harsh surprises and facilitate easier recovery. If we think of insurance as a concept of spreading the risk, then insurance has been utilized from the advent of human societies. Any device put in place to recover from an adverse event of re, ood, wild-cat attack etc., by extending support to the suering unit to recover from the event in material and/or emotional terms is essentially the concept of insurance.
