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insurance protects us all against unforeseen events that could cause financial
hardship. The protection insurance provides allows us to
• purchase cars;
• purchase homes and businesses; and
• safeguard our families' financial futures.
Overall, insurance is what helps us have peace of mind in an uncertain world.
After completing this chapter, you will be able to
• trace the history of insurance from its origin in China to current times;
• define insurance;
• list and recognize the benefits of insurance; and
• distinguish between the costs and benefits of insurance to society.