What is Insurance and claims? What are their types?

Question

Accepted Answer

Insurance is a contract between a policyholder and an insurer to provide financial protection against specified risks. Claims are requests made by policyholders to receive benefits from their insurance policies.

Insurance is a risk management tool that helps individuals and businesses protect themselves against potential financial losses.
There are various types of insurance such as life insurance, health insurance, auto insurance, property insurance, and liability insurance.
Claims are the formal requests made by policyholders to their insurance companies to receive compensation for covered losses or damages.
Types of claims include property damage claims, bodily injury claims, medical expense claims, and liability claims.
Insurance and claims play a crucial role in providing financial security and peace of mind to individuals and businesses.

Accepted Answer

Insurance is a contract, represented by a policy, in which a policyholder receives financial protection or reimbursement against losses from an insurance company. The company pools clients’ risks to make payments more affordable for the insured. Most people have some insurance: for their car, their house, their healthcare, or their life.

What is Insurance and claims? What are their types?

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