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What is insurance?
Posted : 12/04/2024 6:19 pm
Insurance is a contractual agreement between an individual or entity (the insured) and an insurance company (the insurer), wherein the insurer agrees to provide financial protection or reimbursement against specified losses, damages, or liabilities in exchange for the payment of premiums. In simpler terms, insurance is a mechanism that helps individuals or businesses mitigate the financial risks associated with unexpected events by transferring those risks to an insurance company.
Posted : 12/04/2024 7:28 pm