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Introduction to Insurance
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We often hear the term Insurance.
But what exactly is Insurance?
The definition says:
a practice or arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium.
So, from the definition, it is apparent:
1. Insurance is an arrangement (a contract actually)
2. Between you and the insurance company
3. That you pay premium amount at agreed terms
4. and in case of a specified loss, the insurance company pays you back.