What is the definition of insurance quizlet?
Insurance. Insurance is an agreement in which and individual pays a company to protect him/her from possible loss or damage, can be a property loss or financial loss. *Reimburses you for unexpected losses or damages caused by specific set of hazards such as illness or fire.
What is an insurance claim quizlet?
Claim. a request by a plan member, or a plan member's health care provider, for the insurance company to pay for medical services. Coinsurance.
What does insurance do for an individual quizlet?
Insurance protects you against potential financial losses or liability that result from unexpected events. In the context of insurance, the term liability is used to mean that you may be required to pay someone for damages that you caused. The first step in the risk management process is to insure against risk.
Why is it important to have insurance quizlet?
Why is it important to have insurance? - It's important to have insurance so people can protect themselves from losing a lot of money in the event of an unpredictable event or something happens to them or their property.
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