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Feb, 2015
What is Insurance ?
Insurance enables those who suffer a loss or accident to be compensated for the effects of their misfortune. The payments come from a fund of money contributed by all the holders of individual insurance policies. In other words, individual risks are pooled and shared, with each policyholder making a contribution to the common fund.The contribution is known as the premium. Premiums are paid to insurers – these are institutions which accumulate the money into the fund from which claims are paid. The loss is in fact paid for by the […]
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