Is Insurance a charity?

Many people have a vague knowledge about insurance and its function. The general public considers insurance as an organization that provides compensation in the form of charity. As a matter of fact, it is a business that bears the risk of loss or damage that may occur in somewhere near future .However it has become imperative to acquaint the individuals about the traits and norms of insurance. Furthermore, it is a professional business which collects premium for the purpose of securing and escorting the society as it guarantees the payment for the destruction and loss of goods and property. A charity provides fund without any consideration but insurance cant compensate without any premium collection.