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What is the purpose of an insurance contract?

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What is the purpose of an insurance contract?

This question is from Insurance subject

The question was posed to me by my school teacher while I was bunking the class.

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The correct answer by me is: The purpose of an insurance contract is to make you "whole" in the event of a loss, not to allow you to make a profit. Thus, the amount of your compensation for a loss is directly related to the amount of loss that you actually suffered.Jun 5, 2017

The title of my answer is Principles of Insurance

The reference of my answer is FindLaw

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