Bismark first proposed a national health insurance system known as the "sickness insurance act".
An agreement to provide compensation to another party in the event of a certain loss, damage, or injury is known as insurance, and it is a way to safeguard against financial loss. It is a type of risk management that is mostly applied to protect against the risk of a potential or unforeseen loss.
Its goal is to lessen monetary uncertainty and manage unintentional loss. It does this by exchanging the promise to pay in the case of a substantial loss for the payment of a small, known amount known as an insurance premium to a professional insurer.
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