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Slang Definition and Example
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In insurance terms, "insurance" can be defined as a type of financial protection that helps individuals, businesses, and organizations to mitigate the risk of financial loss from various causes such as natural disasters, theft, accidents, and other unforeseen events. This coverage can come in different forms, like property, liability, or comprehensive, designed to cover specific damages or expenses. Example : The homeowner's insurance policy covers the cost of repairing damage caused by a fire that occurred during the night. However, if the stormy weather had actually brought down an expensive tree on their property instead of a lightning strike, they might need a new roof and structural repairs under their homeowners' policy.
