which statement is correct: the purpose of having insurance is to get rich off the insurance proceeds. the purpose of having insurance is not to make money but to make you whole. most people buy insurance so that they can use it. none of the above

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16-12-2022
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which statement is correct: the purpose of having insurance is to get rich off the insurance proceeds. the purpose of having insurance is not to make money but to make you whole. most people buy insurance so that they can use it. none of the above

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Tutorconsortium435 Tutorconsortium435 · Answer 1 · 2022-12-24T07:05:36+01:00

Most individuals get insurance with the intention of using it. Its goal is to lessen monetary uncertainty and control unintentional loss. It substitutes the payment of a little amount.

Explain insurance:

A risk management tool is insurance. When you buy insurance, you get protection from unanticipated financial losses. If something unfavorable occurs, the insurance provider pays out to you or a different person of your choosing.

Describe insurance. What benefits does it offer?

Insurance serves as a financial safety net to help you and your loved ones recover in the case of a tragedy, such as a fire, theft, legal action, or car accident. When you get insurance, you will receive an insurance policy, which is a contract that is legally enforceable between you and your insurance company.

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