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Definition of 'Microinsurance'
Insurance products that offer coverage to low-income households. A microinsurance plan provides protection to individuals who have little savings and is tailored specifically for lower valued assets and compensation for illness, injury or death.
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Investopedia explains 'Microinsurance'
As a division of microfinance, microinsurance looks to aid poor families by offering insurance plans tailored to their needs. Microinsurance is often found in developing countries, where the current insurance markets are inefficient or non-existent. Because the coverage value is lower than a usual insurance plan, the insured people pay considerably smaller premiums.
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