Definition: The word 'pennie insurance' refers to a type of policy that provides financial assistance in case of a loss or injury sustained by a person, commonly involving a disability due to illness. The term "penny" is an unsecured loan borrowed from the lender to meet some expenses or obligations, typically including housing costs and medical care. The definition of 'pennie insurance' involves borrowing funds from a financial institution with the intention of covering personal expenses that may arise during a period of financial hardship. This could include expenses like medical bills, mortgage payments, and other related expenses not covered by traditional health insurance policies. In contrast to traditional health insurance policies, which offer comprehensive coverage for both physical and mental healthcare services, penny insurance typically only provides coverage for personal expenses such as housing costs or medical care. It is a way for individuals who are financially vulnerable to secure short-term financial relief while they seek longer-term solutions. The term 'penny' is often used in the context of a loan that involves borrowing money from an institution (in this case, a lender) rather than traditional insurance policies. The idea behind penny insurance is that it provides temporary financial support during a period of personal hardship or need, thus enabling individuals to focus on other important expenses and obligations. In summary, 'pennie insurance' refers to a type of financial assistance provided by the borrower to meet some short-term expenses or obligations during a financial crisis. It typically involves borrowing funds from a lender rather than traditional health insurance policies. The term "penny" is used in the context of a loan that involves borrowing money from an institution rather than a long-term insurance policy.
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