Sharing Economic Losses Through Insurance
Each minute of the day or night, everyone faces a possible financial loss. Savings provide one way to take care of financial losses. But savings are not the answer to large losses. The best way to guard against large financial losses is through insurance.
The purpose of insurance is to provide protection against financial losses at a reasonable cost. This is possible only when the cost of insurance is shared by many people who face a similar risk. But not all of them are likely to have actual losses at the same time.
You Buy Insurance from Insurance Companies
Almost 4,800 companies in the United States are in the business of providing insurance protection. These businesses are called insurance companies. Because most insurance companies operate on a large scale, they provide a way for large numbers of people to share their losses.
Many Kinds of Risks Can Be Insured
Insurance can prov
Science develops through objective analysis, instead of through personal belief. Knowledge gained in science accumulates as time goes by, building on work performed earlier. Some of this knowledge-such as our understanding of numbers-stretches back’ to the time of ancient civilizations, when scientific thought first began. Other scientific knowledge such as our understanding of genes that cause cancer or of quarks (the smallest known building block of matter) -dates back less than 50 years. However, in all fields of science, old or new, researchers use the same systematic approach, known as the scientific method, to add to what is known.
41__________. For example, in 1676, the English physicist Robert Hooke discovered that elastic objects, such as metal springs, stretch in proportion to the force that acts on them. Despite all the advances that have been made in physics since 1676, this simple law Still holds true.
42__________. Sometimes scientific predicti
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