Definition: Insurance is a type of financial protection provided by insurers to cover damage or loss that can result from accidents, natural disasters, illness, theft, etc. The purpose of an insurance policy is to provide the insured with peace of mind knowing that they have taken out a financial commitment to their property and assets in case of unforeseen circumstances. Insurance ensures that the insured does not lose any money or other valuable items that are damaged or lost due to accidents or other events. In a car accident, when an injury occurs to one party or the other, the insurance company will assess the extent of damage and decide whether to pay out for any losses incurred as a result. This process is called "claims handling." Once the claims have been made, the insurer will review these claims and make payments according to the terms of their policy. In summary, insurance is a financial protection mechanism that helps ensure that individuals or businesses are protected from potential liabilities resulting from accidents, natural disasters, theft, etc. It works by assigning a risk to an insurer for each event, so if one party is at fault in a car accident, the insurance company will pay out against that claim. Definition: Insurance is a financial protection mechanism that helps ensure that individuals or businesses are protected from potential liabilities resulting from accidents, natural disasters, theft, etc. It works by assigning a risk to an insurer for each event, so if one party is at fault in a car accident, the insurance company will pay out against that claim.
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