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Abstract
Insurance may be described as a social device to reduce or eliminate risk of losses to the life and property. Under the plan of insurance, a large number of people associate themselves by sharing risks attached to individuals. The risks which can be insured against include fire, the perils of sea, death and accidents and burglary. Any risk contingent upon these may be insured against a premium commensurate with the risk involved. Thus, collective bearing of risk is called insurance