This is a policy or system in which people who have the chance to suffer a loss pass the risk of loss involved, to an insurance company by paying money (premiums) to the insurer or company for any loss resulting from a damage or accident, which in turn this insurance company promises to pay back to this individuals as a reimbursement when there eventually occurs a casualty.
The method of operation and premiums paid as well as the legal requirements differ from one insurance company to the other according to local law.
The method of operation and premiums paid as well as the legal requirements differ from one insurance company to the other according to local law.
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