What Is The Purpose Of Insurance

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Introduction  Insurance is a way of managing risks. When you buy insurance, you transfer the cost of a potential loss to the insurance company in exchange for a fee, known as the premium. Insurance companies invest the funds securely, so it can grow, and payout when there’s a claim. The life and property of an individual are surrounded by the … Read more

Definitions and Types of Insurance

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Certain terms are usefully defined at the outset. Insurance is a contract of reimbursement. For example, it reimburses for losses from distinct perils, which include fireplaces, storms, and earthquakes. An insurer is a business enterprise or man or woman who guarantees to reimburse. The insured (occasionally called the assured) is the only one who receives … Read more