Insurance
Issue No. 2438- When it is agreed upon between government or an insurance company on the one hand and a policy holder on the other that the policy holder will pay a specific amount every month or every year and, in case he sustains loss, government or the Insurance company shall compensate him for it, such a transaction is called 'insurance'. And this is an independent transaction and contract which is valid, if specific conditions, that will be explained later, are fulfilled. It does not make any difference whether it is a life insurance of an insurance which includes commercial goods or buildings, cars, ships, aeroplanes, or employees and labourers and the likes.
