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. The loss may or may not be financial, but it must be reducible to financial terms, and usually involves something in which the insured has an insurable interest established by ownership, possession, or pre-existing relationship.

Rajan Mehta (PhD),born on 7th January, 1971 in Indore, Madhya Pradesh. He finished MBA from one the best B-Schools in Bangalore, holds a Doctorate degree in HR. He is currently working as an assistant professor of fashion technology and textiles at Mumbai. He has attended and presented numerous papers at national and international conferences. He has been actively involved in corporate training in marketing and business communication in renowned companies.