q what do you mean by insurancethis is done by, Electrical Engineering

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q what do you mean by insurancethis is done by

Q. What do you mean by Insurance?

This is done by creating a common fund out of the contribution (known as premium) from several persons who are equally exposed to the same loss. Fund so created is used for compensating the persons who might have suffered financial loss on account of the risks insured against.

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Electrical Engineering: q what do you mean by insurancethis is done by

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