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प्रश्न
Insurance is a kind of protection against financial losses. The Life Insurance Corporation of India (LIC) mainly looks after the insurance of a person’s life. It also has policies like new children’s money back policy, health plans and pension plans.
In this context, answer the following question:
What is the difference between ‘insured’ and ‘insurer’?
लघु उत्तर
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उत्तर
- Insured: The person (or entity) who buys the protection, i.e., the one whose life, health, property, etc. is covered and who can make a claim if a covered loss happens.
- Insurer: The company or organisation that issues the insurance policy, accepts the premiums and agrees to pay benefits for covered losses.
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