What do you know about insurance and general insurance?

Question

Accepted Answer

Insurance is a form of risk management primarily used to hedge against the risk of a contingent or uncertain loss.

Insurance is a contract between an individual or entity and an insurance company where the individual or entity receives financial protection or reimbursement against losses from the insurance company.
General insurance covers a wide range of non-life insurance policies, including automobile, home, travel, and health insurance.
Insurance premiums are paid by the insured to the insurance company in exchange for coverage and protection.
Insurance policies outline the terms and conditions of coverage, including the types of losses covered, the limits of coverage, and the deductible amounts.
Insurance companies use actuarial science to calculate the risks and determine the premiums to be charged for insurance policies.

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