The equitable transfer of the risk of a loss from one entity to another in exchange for a premium is called Insurance. This can be thought of as a guaranteed a known loss to prevent a larger or a devastating loss. An insurance involved two parties, the insurer and the policy holder.
There is a lot of speculation growing around the fact that prescription glasses are insured or not.The truth is the coverage may vary from plan to plan. The medical insurance plans will cover for loss of vision and arrangement of prescription glasses only if you have damaged your eye due to a disease or an eye injury, possibly due to an accident. So, if you are using prescription glasses for your eyes, because you have a routine vision problem, the medical insurance will not cover it, unless there is ‘vision insurance’ policy as a part of the agreement.
Someone once said the only things in life that are for sure are death and taxes. This is not totally true. There is one more thing that is for sure – change. If you look around, you will see we live in an ever-changing society.
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