Risk Management is the analysis, assessment, control, and avoidance of unforeseen events. It is an integral part of Financial Planning.
To deal with Risk we consider Life Insurance and General Insurance.
Insurance is a way of managing risks. When you buy insurance, you transfer the cost of a potential loss to the insurance company in exchange for a fee, known as the premium. Insurance companies invest the funds securely, so it can grow, and pay out when there’s a claim.
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