What is insurance
Insurance is the contract in which Mercantilist pays minimum amount of premium to insurance company, and shift his burden of risk of loss on the head of insurance company.
Insurance company incurred the loss of Mercantilist if it is under the policy of insurance.
Generally Mercantilist does the insurance of many risks like fire of shop or office or plant, fire of stock and loss of profit.
If Godown or office caught fire. Suppose fire to Godown and insurance company’s special evaluator can easily evaluate the loss of building due to fire. But it is most difficult to calculate loss of stock or loss of profit. Only accounting professionals can solve this problem with scientific rules and regulations of accounting.
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