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Additionally, according to data from 2008, 12.0% of people under the age of 65 were without insurance for more than a year. Children were less likely than adults between the ages of 18 and 64 to have gone more than a year without insurance.
In order to protect oneself from financial loss, one party will guarantee another party reimbursement in the event of a certain loss, damage, or injury in return for a fee. It is a method of risk management that is primarily employed to protect against the risk of a potential loss. An insurer, insurance business, insurance carrier, or underwriter is a corporation that offers insurance. A person or company that purchases insurance is referred to as a policyholder, while someone or anything that is protected by the policy is referred to as an insured. Although the terms policyholder and insured are frequently used interchangeably, they are not always synonymous because additional insureds who did not purchase the insurance may occasionally be covered. In exchange for the insurer's promise to reimburse the insured in the event of a covered loss, the policyholder accepts a predictable, small, and guaranteed loss in the form of a premium payment to the insurer. The loss may or may not be quantifiable in dollars, but it must be. Additionally, it typically pertains to something that the insured has an insurable interest in due to ownership, possession, or a previous connection.
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