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What is the basic purpose of insurance?
The basic purpose of insurance is to safeguard human beings or companies against financial losses. It ensures stability and peace of mind by paying off for unforeseen circumstances that may occur like accidents, illnesses or damage of property in case of an incident.
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Re: What is the basic purpose of insurance?
In simple terms, insurance is good but then, we still need to realise that insurance gives protection and stability, it's not really about the money because that's what most people think.