Insurance was very important in the growth of our nation in the late 1800’s. It allowed people to keep their property and belongings safe, without the fear of losing them. It gave people the assurance of being able to invest more money and invest in more things, making the economy better and helping the progress of our growing country.

Insurance is the transfer of the risk of loss from one party to another, in exchange for payment. In other words, you pay someone or some company a set amount of money. This is usually paid monthly or yearly. If something bad or unexpected happens to the person paying for the insurance, the person or company they are insured with provides financial reimbursement for all or part of the expense.

People buy insurance to protect them in the case of an unexpected or negative event. This way, they only have to pay a set amount every so often, and if something bad happens to them that they can’t afford to pay for, the insurance company will take responsibility of the debt and pay for part or all of it. This way, the insured customer doesn’t have to sell their things or go into a lot of debt to pay off the debts that are owed.

An insurance claim is the amount of money that is paid to the policyholders, or customers, if something occurs. Sometimes, the customer will never even need the insurance, but the money won’t just be wasted. When people have insurance, it makes them feel more secure, because they know that if something happens to them or some of their property, then it will be taken care of and they won’t have to pay for all of the damage.

Medical Insurance: Will cover the cost of medical treatment. Dental insurance is a type of Medical insurance, and it protects from dental fees. In the National Insurance Act Of 1911, workers who paid the weekly amount could take sick leave and be paid 10 shillings a week for the first 13 weeks and 5 shillings a week for the next 13 weeks Disability insurance provides financial support if the customer is unable to work because of a disability or injury. In the National Insurance Act Of 1911, if a person paid the weekly amount, then they would be given 7 shillings a week for up to 15 weeks a year if they became unemployed. Life Insurance gives financial support to the family of the customer when the customer dies. If someone buys life insurance and then passes away, the family will receive financial reimbursement or be paid a certain amount of money every month or year, depending on the type of life insurance they had. It also helps for funerals, burial expenses, and other expenses related to the insured person. Property Insurance provides insurance of property, against things like fire, earthquakes, tidal waves, other natural disasters, of accidents.

Insurance was and is a very important part of the development of our country. It helped our economy develop and gave people opportunities to lead better lives.

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