What is insurance?

Question

What is insurance?

Accepted Answer

Insurance is a financial product that provides protection against specific risks in exchange for payment of a premium.

Insurance is a contract between an individual or organization (the insured) and an insurance company (the insurer).
The insured pays a premium to the insurer in exchange for coverage against specific risks, such as property damage, liability, or loss of income.
In the event of a covered loss, the insurer compensates the insured according to the terms of the policy.
Types of insurance include health insurance, auto insurance, life insurance, and property insurance.
Insurance helps individuals and businesses manage risk and protect against financial losses.

Accepted Answer

Insurance is a financial product that provides protection against specific risks in exchange for payment of a premium.

Insurance is a contract between an individual or organization (the insured) and an insurance company (the insurer).

The insured pays a premium to the insurer in exchange for coverage against specific risks, such as property damage, liability, or loss of income.

In the event of a covered loss, the insurer compensates the insured according to the terms of the policy.

Types of insurance include health insurance, auto insurance, life insurance, and property insurance.

Insurance helps individuals and businesses manage risk and protect against financial losses.

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