Definition
A promise of compensation for specificpotentialfuturelosses inexchangefor aperiodicpayment. Insurance is designed toprotectthefinancialwell-being of anindividual,companyor otherentityin the case of unexpectedloss. Someformsof insurance arerequiredbylaw, while others areoptional. Agreeing to thetermsof aninsurance policycreatesacontractbetween theinsuredand theinsurer. In exchange for payments from the insured (called premiums), the insureragreestopaythepolicyholderasumofmoneyupon the occurrence of a specificevent. In most cases, the policy holder pays part of the loss (called thedeductible), and the insurer pays the rest. Examples include car insurance,health insurance,disability insurance,life insurance, andbusiness insurance.
Insurance Companies
Insurance Companies
Insurance Companies
Insurance Companies
Insurance Companies
Insurance Companies
Insurance Companies
Insurance Companies
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