👉 The term "preinsurance" refers to a policy that is issued before an actual loss has occurred, usually by way of insurance or another form of financial protection. It is designed to provide immediate coverage in case of unforeseen events such as natural disasters, accidents, and illnesses. Preinsurance policies are often used for situations where the cost of repairing damage may be prohibitively high or where the risk of an actual loss exceeds the recovery potential of the policy itself. They can also serve as a financial cushion
