In law and economics, insurance means is a form of risk management primarily used to hedge against the risk of financial loss. Insurance can decreased a risk of a potential loss from one entity to another, in exchange for a premium and duty of care.
But today,
otherwise some of the people buy a insurance for saving life. It is like education insurance and life insurance.
Certain life insurance contracts accumulate cash values, which may be taken by the insured if the policy is surrendered or which may be borrowed against. Some policies, such as annuities and endowment policies, are financial instruments to accumulate when it is needed.
