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What are insurance policies for?

What are insurance policies for?

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This question is part of Accounting Test 1 Review Quiz
Asked by Seega, Last updated: Jan 11, 2020

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j.Barbara

J.Barbara

Answered Mar 07, 2018

Insurance policies are standard form contracts that provide its bearers or policyholders with a form of financial protection, guarantee, or reimbursement in the case of losses, death or maturity. These policies are assured and payable by the insurance company that issued it and some are even protected by statutory agencies in case the issuing insurance company becomes bankrupt or insolvent.

The purpose of Insurance policies is to protect against the risks of monetary or financial losses resulting from damages, death or accident caused by a third party person, group or entity. Some of the most common insurance policies include life insurance, health insurance, property insurance, and auto insurance.

 

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