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Insurance Terminology Explained
01
Understanding Terms
Insurance is a way to protect yourself financially against unforeseen events and risks associated with daily life.
02
Policy Defined
An insurance policy is a contract that specifies the terms and conditions of coverage, including limits and exclusions.
03
Claims Process
A claim is a request made to an insurance company for payment based on the terms of the insurance agreement.
04
Risk Overview
Risk is the potential for loss or damage when facing uncertain events, which insurance aims to mitigate.
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