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Any insurance transaction requires the insurer to expressly state the queries intended only to collect information.
In an insurance transaction, the policyholder agrees to pay the insurer (a premium) in exchange for the insurer's pledge to compensate the insured in the case of a covered loss by accepting a predictable, modest, and assured loss.
the goal of insurance
Its objective is to lessen financial uncertainty and manageable accidental loss. In exchange for assuming the risk of a substantial loss and a guarantee to pay in the event of one, it achieves this by paying a small, known fee—an insurance premium—to a reputable insurer.
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