WHAT IS INSURANCE?
An insurance policy is a legally binding contract between an insurance company and the
person who buys the policy, commonly called the "insured" or the "policyholder."
In exchange for payment of a specified sum of money, called the "premium," the
insurance company agrees to pay the "beneficiary" (or for some benefits, the "owner")
of the policy a fixed or otherwise determinable amount of money, if circumstances that
are set out in the policy, occur.
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