Which statement best describes the term insurance?

(1) Answers

It is a protection that guarantees to pay you in the event of financial losses. So you basically pay a smaller amount of money, to receive financial protection for a specific Clause. Example : lets say you insurance your car from any type of accident. If someday an accident happen to you and your car got wrecked, the insurance company will have to pay for your car damage ( or even replace it with the new one)

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