What are Insurance companies?

[neetubm]

Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium, and can be thought of as a guaranteed and known small loss to prevent a large, possibly devastating loss. An insurer is a company selling the insurance; an insured or policyholder is the person or entity buying the insurance. The insurance rate is a factor used to determine the amount to be charged for a certain amount of insurance coverage, called the premium.

Top five insurance companies of India
LIC,BAJAJ ALLIANCE,TATA AIG,BIRLA SUN LIFE,SBI LIFE.