Introduction

Probably, no body knows what may happen tomorrow, even the Aerosmith front man Steven Tyler did write in his hit song 'Dream On' that "No body knows where it comes and where it goes". And, the line did approach to everyone. So what's next, no body knows. Life is not similar as before when Pandora opened the magic box and it lead to path of sorrow and destruction. So humans are mortal now, and nobody knows when the Lord of Death come and take us. So it's time to think not only for us but for others. With the growing need and demand, insurance is today's growing need. So what's the insurance?

Insurance is a way which provides security to the person and his property. It is a means of shifting the risk to insurer in consideration of a nominal cost called premium. Insurance thus, is a contract to indemnify loses occurred due to any particular risk, in consideration of cash payment in shape of premium. It provides financial protection against any specific risks.
According to Edwin W. Patterson,"Insurance is a contract by which one party for a compensation called the premium assumes particular risks of the other party and promises to pay to him or his nominee a certain of ascertainable sum of money on a specified contingency."
According to Insurance Business Act,"Insurance is defined as a contract made by the person paying certain amount based on estimated life and he or his representatives gets the amount after his death or expiry of policy period."