Ravi is a worried man. His father is recently diagnosed with lung cancer. This deadly disease has drained Ravi not just mentally but financially too. The word cancer in itself is enough to make any person scared. Cancer is of 200 types which include breast cancer, prostate cancer, lung cancer, blood cancer among others.
Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management primarily used to hedgeagainst the risk of a contingent, uncertain loss. An insurer, or insurance carrier, is selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy. The amount of money to be charged for a certain amount of insurance coverage is called the premium. Risk management, the practice of appraisingand controlling risk, has evolved as a discrete field of study and practice.