What do you know about insurance

Question

Accepted Answer

Insurance is a contract between an individual and an insurance company to protect against financial loss.

Insurance provides financial protection against unexpected events such as accidents, illnesses, and natural disasters.
Premiums are paid to the insurance company in exchange for coverage.
Types of insurance include health, life, auto, home, and travel insurance.
Insurance policies have terms and conditions that outline what is covered and what is not.
Insurance companies use actuarial science to calculate risk and determine premiums.
Claims are filed when a covered event occurs and the insurance company pays out benefits.
Insurance is regulated by state and federal laws to protect consumers.
Examples of insurance companies include State Farm, Allstate, and Geico.

Accepted Answer

Insurance is a method by which you can protect yourself and your loved ones from facing a financial crisis. You buy an insurance policy for the same, while the insurance company takes the risk involved and offer insurance cover at a specific premium.

What do you know about insurance

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