CONCEPT OF INSURANCE
Insurance is a captivating practice area which brings together practitioners in the various professions. These are mainly either in law, accountancy, or actuarial. From among all these professions, it is arguably the lawyers who have been at the center of the development of insurance. It has gained a great popularity over a period of time. Many professionals of different fields tried to establish their career in the field of insurance. Since, it has a wide scope in the education and working field, it is opted by many scholars. Insurance is a concept which mainly focuses on to cover the risks and dangers of a human being’s life. A human being’s life is full of uncertain events which led to the occurrence of many risk and dangers. Uncertainty is one of the important concepts of risk. It is uncertainty with respect to the result in a given situation. Uncertainty does not occur in the natural order of things but actually, there are a number of outcomes, which are uncertain. It means...