Understanding Insurance is a risk transfer mechanism to the other party that guarantees compensation
fully or partially financially for any loss or damage caused by events beyond the control of the insured in this case is an insurance product customers. In an insurance contract.The insurance company to compensate the other party ( the insured ) against lost in a certaint amount, whic occuers from the possibility of losses specified in a certain peroid, provided that the cost of the so called premium paid.
In general insurance. compensation is usually proportionate to seh harm suffered, while the life insurance is usualli paid by a fixed amount.Some types of insurance ( such as insurance products ) is an inportant component of risk management, and it is mandatory in some countries.
in general insurance, compensation is usually proportonate to the harm suffered, while the insurance provides protection against the loss off something intangible. This insurance can not ensure the continuity of busisness, market share or customer confidence, and can not provide sompensation in the form of knowledge, skills, or resources to continue operating.
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