What is an example of an insurance product?
Some examples are: travel cancellation insurance, travel baggage insurance, foreign travel health insurance and travel accident insurance.
What is the purpose of an insurance product?
Purpose of insurance\n\n Its aim is to reduce financial uncertainty and make accidental loss manageable. It does this substituting payment of a small, known fee—an insurance premium—to a professional insurer in exchange for the assumption of the risk a large loss, and a promise to pay in the event of such a loss.
What are the two types of insurance products?
Insurance Product means a financial arrangement in which an insurer states its guarantee to pay a policyholder on covered events.
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