What Best Describes the Purpose of Insurance for the Insured

The purpose of insurance is to reduce your business exposure to the effects of particular risks. In simple words insurance is a contract a legal agreement between two parties ie the individual named insured and the insurance company called insurer.

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Which of the following best describes term life insurance.

. These could includedamage to or the loss of physical assets such as your premises or equipmentillness or death of key members of staffcompensation claims against the business or its directors by employees or customersbusiness interruption caused by external events such. The insured can borrow or collect the cash value of the policy. The insured pays the premium until his or her death.

Functions of insurance are to spread the loss caused by a particular risk over several persons who are exposed to it and who agree to insure themselves against the risk. The insured pays a premium for a specified number of years. The first is the named insured meaning the individual or company designated by name in the policy.

People tend to think of life insurance only as the means to pay final expenses. Every individual should purchase an affordable health insurance plan to cover the expensive medical costs incurred for various health related expenses like serious health disorders or illnesses routine check-ups diagnosis tests physical examinations prescription drugs doctor consultation and various other expenses. Another reason for purchasing insurance is that some insurance is required by law.

The insured is covered during his or her entire lifetime. You must provide your insurance information when registering a car. The liability policy refers to the named insured as you or your The named insured is afforded broader protection than other types of insureds.

The main function of insurance is that eliminates the uncertainty of an unexpected and sudden financial loss. Life insurance is one type of insurance that is readily available and yet all its benefits are often overlooked. No insurance no registration.

The premium to be paid. Insurance is a contract represented by a policy in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. Its as simple as that.

In this agreement the insurer promises to help with the losses of the insured on the happening contingency. Insurance helps to provide protection against these financial losses. The Purpose of Health Insurance.

The named insured may be a sole proprietorship partnership corporation or another type of entity. The most important function of insurance is to spread the risk over a number of persons who are insured against the risk share the loss of each member of the society on the basis of the probability of loss to their. Instead of this uncertainty it provides the certainty of regular payment ie.

Although this is true one of the more compelling reasons to purchase life insurance is to replace lost income for those that remain and are dependent upon that income to help keep. In Pennsylvania car owners are required to purchase automobile insurance. This is one of the biggest worries of a business.

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Which Of The Following Best Describes Term Life Insurance Term Life Insurance Term Life Permanent Life Insurance