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Insurance is a contract between an insurance company and its client in which the insurance company agrees that on the happening of certain events the insurance company will either make payment to its client or meet certain costs.
Therefore, as an insured, if you have suffered any loss on your insured asset or property, your insurance company is required to compensate you with payment of claims, thereby returning you to the position you were before the loss occurred. That is actually the essence of insurance as insurers are in business primarily to pay claims to the policyholders who suffered losses. Continue Reading