Define insurance and discuss the principle of indemnity. In an auto insurance policy, explain the meaning of the numbers 100/300/75. Explain what a living will is and how it differs from a health care...

Insurance can be defined as the contract which is in the form of policy which provides financial protection and reimbursement of losses to individual and entity from the insurance company. The loss can be of life, property, goods and other kind of damage and many others (Julia Kagan 2019). In return of the protection a certain amount is charged by insurance company in the form of premium. The principle of indemnity is one of the fundamental principle of insurance which states that it ensures in making good the loss of the insured and it also includes bringing back the position of the insured where he was...