It is said 'more risk more gain', but this risk always carries a probability of loss with it and it is this probability which prevents a man from taking risks. But risk is an inevitable part of our life, we cannot think of a life free of risks. The quick pace of industrialisation of the modern age has rendered man and his property most vulnerable to different types of risks and uncertainties of life. But with the growth of industrialisation and consequent increase in number of situations in which the human life and property get exposed to risks, an effective solution of reducing the burden of these losses has been devised by shifting these risks to agencies or persons willing or qualified to share them. This is known as 'Insurance'. It protects man from uncertainty and risks in his personal and business life. This book deals with the various aspects of Risk and Insurance. It tries to describe the concept of risk and the methods of handling it, highlighting the importance of risk management. It provides a detailed analysis of the concept of Insurance and deals with the nature, scope, advantages, principles and various types of insurance. Towards the end the book, the author throws light on the legal side of insurance, its regulation and the impact of various legislations over insurance. This book is thought to be very helpful to the students, legal professionals and people from the insurance sector and other professionals who want to have an insight into the concept and working of insurance.