The insurance industry is made up of companies that offer risk management in the form of insurance contracts. Insurance protects against the financial risks that are present at all stages of people’s lives and businesses. Insurers protect against loss — of a car, a house, even a life—and pay the policyholder or designee a benefit in the event of that loss. Those who suffer the loss present a claim and request payment under the insurance coverage terms, which are outlined in a policy. Insurers typically cannot replace the item lost but can provide financial compensation to address the economic hardship caused by a loss.
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