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Understanding the basics of life insurance
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[QUOTE="peace life, post: 139414, member: 47307"] Insurance is about financial security and protecting your independence It may seem like you need to study loads of books and information to understand insurance, but the principle of insurance at its core is very basic: when you have something to lose, and you know you can't afford to lose the loss on your own, insurance offers you a way to protect your investment, lifestyle, and assets by paying a small amount Of money each month in exchange for making sure that if something goes wrong, the insurance company will support you in the form of financial compensation. What is personal insurance? Personal lines of insurance are the types of insurance you buy to protect you from risks that could cause financial losses that you would not be able to cover on your own. Personal insurance relates to the risks you may face as an individual, due to accidents, illness, death or damage to the property you own. How does insurance work? When you buy insurance, you will usually pay an agreed amount - the premium - to the insurance company in exchange for protection against the listed risks. In return for the premium you pay, they agree to reimburse you for losses, should they occur. Personal insurance is based on the principle that spreading the risk of economic loss (like fire or theft, for example) among many people makes the risks manageable for all. [/QUOTE]
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