Definition of Insurance by Different Scholars.
Definition of Insurance by Different Scholars.
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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.