Tell about insurance

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Accepted Answer

Insurance is a financial product that provides protection against specific risks by pooling the resources of many individuals to pay for potential losses.

Insurance involves a contract between an individual or entity (the insured) and an insurance company (the insurer).
The insured pays a premium to the insurer in exchange for coverage against certain risks, such as medical expenses, property damage, or liability claims.
Types of insurance include health insurance, auto insurance, life insurance, and property insurance.
Insurance helps individuals and businesses manage financial risks and provides peace of mind knowing that they are protected in case of unexpected events.
Insurance policies typically include details about coverage limits, deductibles, and exclusions.
Insurance companies use actuarial science to calculate the likelihood of certain events occurring and determine appropriate premiums.
Insurance fraud is a serious issue that can result in criminal charges and financial penalties.

Tell about insurance

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