In: Insurance Definition of Insurance by Different Scholars. Definition of Insurance by Different Scholars. 1 Answer afaq 97 Questions 67 Answers 3 Best Answers 18 Points View Profile Nakul Mishra Added an answer on March 10, 2020 at 6:54 pm According to Prof. D.S. Hansell: “A social device providing financial compensation for the effects of misfortune, the payments being made from the accumulated contributions of all parties participating in the scheme”. According to Dr. W.A. Dinsdale: “Insurance is a device for the transfer of risks of individual entities to an insurer, who agrees, for a consideration,to assume to a specified extent losses suffered by the insured”. According to Ghosh and Agarwal Insurance is a co-operative form of distributing a certain risk over a group of persons who are exposed to it. 0 Reply Share Share Share on WhatsApp Share on Facebook Share on Twitter Share on LinkedIn Sorry, you do not have a permission to answer to this question.