Insurance & Claim Management System

Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent
or uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier or underwriter. A person or
entity who buys insurance is known as an insured or as a policyholder. The insurance transaction involves the insured assuming a guaranteed
and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate the insured in the event
of a covered loss.

Insurance products are available to protect consumers and businesses seeking risk management benefits. Businesses buy insurance to protect their businesses
from business loss and customer claims. Consumers buy insurance to cover losses of valuable items like homes, cars, boats, jewelry and many more.

The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insurer will compensate the
insured. The amount of money charged by the insurer to the policyholder for the coverage set forth in the insurance policy is called the premium.

Insurance involves pooling funds from many insured entities (known as exposures) to pay for the losses that some may incur. The insured
entities are therefore protected from risk for a fee, with the fee being dependent upon the frequency and severity of the event occurring.
In order to be an insurable risk, the risk insured against must meet certain characteristics. Insurance as a financial intermediary is a commercial
enterprise and a major part of the financial services industry, but individual entities can also self-insure through saving money for possible future losses.