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Demystifying Insurance in the USA: A Simplified Guide with Real-Life Examples – Bank Vacancy

Introduction to Insurance Insurance plays a crucial role in safeguarding individuals and society as a whole. Understanding the concept of insurance is essential for everyone. In simple terms, insurance is a contract between two parties, the insurer and the insured. The insurer agrees to provide financial protection to the insured in the event of a specific loss or damage in exchange for regular payments known as premiums. There are various types of insurance available in the USA, catering to different…