Definition: Insurance refers to a form of financial protection that provides coverage for losses or damages incurred by an insured person, such as damage to property caused by natural disasters like hurricanes or earthquakes. The term "daily" implies that the cost of insurance is paid on a daily basis, rather than monthly, yearly, or annually. The specific definition varies based on whether the coverage offered includes comprehensive, additional, or basic protection. Comprehensive coverage typically means that the policy covers all risks to which an insured person is exposed and provides compensation for losses suffered in certain ways. Additional coverage may include personal accident insurance for a particular profession (such as doctors), loss of employment benefits, and travel insurance. Basic coverage simply refers to covering medical expenses. The cost of insurance can vary depending on several factors such as the type of policy chosen, location, age, health status, and any other relevant variables. Insurance premiums may be paid monthly, quarterly, or annually, which is called "daily" payment under certain jurisdictions.
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