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An insurance policy is basically a commitment between you and the insurance provider that, in exchange for an annual fee or, if you prefer, a monthly premium, they would cover any insured losses you suffer.
We all have been advised to buy insurance more than once – for life, health, and even for buying a new car or starting a new business.
So, let’s suppose you buy a life insurance policy to provide a cash benefit to your family when you die. But, if every life insurance buyer eventually dies and their policy pays out, how do insurers continue to turn multi-billion-dollar profits each year?_____________________________________________________________
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