"Y INSURANCE"
The transaction regards the insured assuming a guaranteed and known comparatively little loss in the form of payment(known as insurance premium) to the insurer in exchange for the insurer's promise to compensate (indemnify) the insured in the case of a financial (personal) loss.
Lets get it clear with this example
If you are the primary earner in your home,so your family depend
on your income.Result of your premature death(imagine) your family would experience an income loss and lots of difficulties that you
should protect them from.If you have an insurance,the insured
amount will be given to your family.
The same theory will apply for other insurances as well.

