What is 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 insurance explain?

What is insurance? Insurance is a way to manage your risk. When you buy insurance, you purchase protection against unexpected financial losses. The insurance company pays you or someone you choose if something bad happens to you.

What is insurance in simple words with example?

Insurance is an arrangement in which you pay money to a company, and they pay money to you if something unpleasant happens to you, for example if your property is stolen or damaged, or if you get a serious illness. The insurance company paid out for the stolen jewellery and silver.

What is the purpose of insurance quizlet?

The purpose of insurance is to protect against losses caused by pure risk. This is accomplished through the insurance contract, which requires one party to pay a specified sum to another if a previously identified event occurs.

What is insurance and its benefits?

Insurance is a financial safety net, helping you and your loved ones recover after something bad happens — such as a fire, theft, lawsuit or car accident. When you purchase insurance, you'll receive an insurance policy, which is a legal contract between you and your insurance provider.