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What is insurance? Insurance is a contract between an insurer and an insured person. The policy pays out a certain amount of money if a covered loss occurs. Insurers pool the risks of several people to create policies that offer protection against large financial losses. In the case of an accident or illness, insurance protects …
Insurance is a financial tool that protects the interests of policyholders and lowers their risk of loss of property and life. It also contributes to the economic development of a society, as it develops financial institutions. This process helps to reduce uncertainty. If you are considering buying an insurance policy, here are some things to …
Property/casualty insurance is a system of sharing risk. Individuals pay a premium into a pool that pays out the loss no matter if they actually suffer a loss. The premium is non-refundable, so the insurer is essentially acting as a bank. The pool of people is regulated by courts and government agencies, so it’s important …