How the Insurance works? Types of insurance

Question

Accepted Answer

Insurance is a financial product that provides protection against financial losses by pooling the risks of many individuals or entities.

Types of insurance include life insurance, health insurance, auto insurance, home insurance, and business insurance.
Insurance works by individuals or entities paying premiums to an insurance company in exchange for coverage against specified risks.
When a covered event occurs, the insurance company compensates the policyholder for the financial loss incurred.
Insurance helps individuals and businesses manage risks and protect themselves from unexpected expenses.
Insurance policies have terms and conditions that outline what is covered, the premium amount, and the claims process.

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