Why is insurance important for life?
Buying insurance is important as it ensures that you are financially secure to face any type of problem in life, and this is why insurance is a very important part of financial planning. A general insurance company offers insurance policies to secure health, travel, motor vehicle, and home.
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 the most important part of insurance?
1. Premium. An insurance premium is one of the most important places to look when choosing your insurance. The premium is what you have to pay on an ongoing basis to have an insurance policy.
What is the main reason for insurance?
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.
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