Insurance is a legal agreement between two parties, the insurance company (insurer) and the individual (insured). In this, the insurance company promises to make good to the losses of the insured on happening of the insured contingency. The contingency is the event which causes a loss. It can be the death of the policyholder or damage/destruction of the property. It is called a contingency because there is uncertainty regarding the happening of the event. The insured pays a premium in return for the promise made by the insurer.

The insurer and the insured get a legal contract for the insurance, which is called the insurance policy. Insurance is a way of protecting yourself and your family from a financial loss. Generally, the premium for a big insurance cover is much lesser in terms of money paid. The insurance company takes this risk of providing a high cover for a small premium because very few insured people actually end up claiming the insurance. EasyStepIn helps you to get more transparency in your insurance data.

The insurance policy has details about the conditions and circumstances under which the insurance company will pay out the insurance amount to either the insured person or the nominees. Insurance is a way of protecting yourself and your family from a financial loss. Generally, the premium for a big insurance cover is much lesser in terms of money paid. The insurance company takes this risk of providing a high cover for a small premium because very few insured people actually end up claiming the insurance.  This is why you get insurance for a big amount at a low price. This is why you get insurance for a big amount at a low price.