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Insurance is the financial instrument invented to protect people from significant financial loss. The basic way insurance works is that the insured person pays a premium to the insurance company in exchange for insurance coverage in the event that something happens. When something does happen that would have otherwise financially ruined the insured, the insurance company pays for it. The insurance company makes money by playing the odds that all the people they will insure will not need insurance all at the same time and that the premiums they pay will outweigh the coverage they will need.
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How does insurance reduce the risk of financial loss?
It protects your assets. If you never get in an accident, or hurt anyone else, it INCREASES your financial loss, simply because you paid monthly to protect yourself from something you never did.
What to protect your business from unexpected loss due to hazards?
Insurance is purchased to protect a business from unexpected loss.
What is identity insurance?
It's insurance designed to protect you against loss should someone appropriate your identity and use it to make unauthorized transactions.
What should be included in a financial plan to protect assets?
A financial plan should include steps to alleviate debt in order to protect assets. The financial plan should also defined assets according to their importance to the company.
Can jointly owned property be seized after a financial judgment?
Property can be seized by a financial judgement even if it is jointly owned. There are however ways to get around this. There are waiver and judgements that can be put into place to protect a spouse or business partner from incurring loss from a lien or judgement. The laws differ in each state so it is always best to consult an attorney on these matters.
How does insurance reduce the risk of financial loss?
It protects your assets. If you never get in an accident, or hurt anyone else, it INCREASES your financial loss, simply because you paid monthly to protect yourself from something you never did.
What does idemnity mean?
Indemnity is protection against a financial loss. An example would be when a person purchases an insurance policy to protect themselves from large financial losses due to sickness, accidents, or loss of material property.
What risk management strategies does progressive insurance company employs to protect against financial loss?
They dont. They have crappy risk department
How does someone with depression compensate?
Person with depression suffers. There is no compensation. There is loss of money, job, studies. Personal, academic, social, financial loss is what the person suffers.
What is the difference between life insurance and annuities?
Life insurance protects one's beneficiaries against financial loss as a result of the purchaser's dying too soon, while annuities protect purchasers against financial loss as a result of living longer than their funds do.
What does it mean to have a disruptive loss to one's life?
A major incident that would disturb your life. - Death of someone close, personal injury, large financial loss etc.
What it mean to have a disruptive loss to one's life?
A major incident that would disturb your life. - Death of someone close, personal injury, large financial loss etc.
What does to have a disruptive loss to ones life mean?
A major incident that would disturb your life. - Death of someone close, personal injury, large financial loss etc.
Difference between assurance and insurance?
Assurance is a feeling you give someone when they are confident in you. Insurance is a financial instrument that protects you if you experience a loss.
What kind of damages will be awarded when there is no actual financial loss?
People can be compensated for emotional distress or other intangible loss, in addition to financial loss, although financial loss is generally the easiest kind to prove. Exactly what will be awarded, one can never tell.
What to protect your business from unexpected loss due to hazards?
Insurance is purchased to protect a business from unexpected loss.
What is the purpose of fire insurance?
To indemnify (reimburse) you for the financial loss caused by an accidental fire, or a deliberate fire started by someone else (arson).
