Write a paragraph about the costs and benefits of having insurance

Whenever you have insurance on a car, your home, or even your life you always feel protected. Say if you get into a car accident, your insurance will help pay for the damage. Or if your house is damaged by a bad storm or even if you get hurt your insurance will be there to help provide you with the help you need. Insurance can be expensive to get Initially but it is definitely worth the cost

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aarinimishra75 aarinimishra75 · Answer 2 · 2022-08-03T06:48:15+02:00

The costs and benefits of having insurance are two cost-based concepts, such as economic and social cost. The insurance cost as an opportunity cost to the basis of the insurance premium.

What is insurance?

The term “insurance” refers to a method of managing risk. Insurance is protection from an unexpected risk. Companies sell insurance policies to customers who agree to the terms and conditions. There are many types of insurance, such as life, general, medical, property, and family insurance, etc.

The insurance is based on cost and benefit to protect the risk. The insurance is socially based on cheap insurance premiums suitable for consumers as monthly, half-yearly, and yearly. Insurance is the economic cost of bearing risk on basic losses to a policyholder's ability to recover from disaster.

Hence, the significance of the insurance is aforementioned.

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