Why Is Insurance Important?

Why Is Insurance Important?

Insurance is simply defined as the equitable transfer of risk of a loss, from one entity to another in exchange for payment.  Basically, through this definition, if you want to have something insured, particularly something of important value to you, you insure the item with an insurance company and pay a premium for the insurance.  Depending on the coverage you are getting for the insurance, the premium or amount of money you will be paying…

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