What do you know insurance

Question

Accepted Answer

Insurance is a financial product that provides protection against financial losses.

Insurance is a contract between an individual or organization and an insurance company, where the individual or organization pays a premium in exchange for financial protection against specified risks.
There are various types of insurance such as life insurance, health insurance, auto insurance, property insurance, and more.
Insurance helps individuals and businesses manage risk by providing financial compensation in the event of unexpected events like accidents, illnesses, or natural disasters.
Insurance companies use actuarial science to calculate the risks and determine the premiums to be charged to policyholders.
Insurance policies typically have terms and conditions that outline what is covered, what is excluded, and how claims can be made.
Insurance is regulated by government authorities to ensure fair practices and protect consumers.

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