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| Insurance
Info |
Insurance definition: Insurance is a promise of compensation
for potential future losses in exchange for periodic payments.
Insurance is designed to protect the financial well-being of the
insured in case of an unforeseen loss. In exchange for insurance
payments, or premiums, the insurance company agrees to pay the
policy holder money if a specific event ever occurs. In some cases,
the insured party pays part of the damage (a deductible) and the
insurer pays the rest. Examples include car insurance, health
insurance, disability insurance, life insurance, and business
insurance.
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