Insurance is generally coined as a kind of contract which is also known as a policy .
An insurance policy is a kind of contract in which a person or an firm gets financial
shielding and compensation for any damages by the insurer of the insurance company.
History of insurance:
The history of insurance can be traced back to ancient times,with the first forms of insurance recorded by Babylonian and chinese traders.Babylonian merchants used bottomry contracts which were loans that did not need to be repaid if a shipment was lost in sea.Theinterest on the loan covered the insurance risk.
The greeks and romans created the first types of life and health insurance through benevolent societies that cared for the families of deceased members.Romans would pay a monthly fee to the society .And then the society would pay for the funeral and tomb whrn they died.