I bought insurance in China and immigrated to the United States a few years later. Is that insurance effective?

I bought insurance in China and immigrated to the United States a few years later. The insurance is valid, but I have to go through the customs formalities first. Paying the insurance premium to the insurer refers to the commercial insurance behavior that the insurer undertakes to compensate for the property losses caused by possible accidents according to the contract, or when the insured dies, is disabled, falls ill or reaches the age and time limit agreed in the contract, the insured undertakes to pay the insurance premium.

From the perspective of economics, insurance is a financial arrangement to share the loss of accidents; From the legal point of view, insurance is a contractual act, a contractual arrangement in which one party agrees to compensate the other party for losses; From a social point of view, insurance is an important part of the social and economic security system and a "subtle stabilizer" for social production and social life; From the perspective of risk management, insurance is a method of risk management.

In the event of a specific disaster accident, the extended warranty data shall be compensated according to the actual loss amount within the insurance validity period, the scope of responsibility agreed in the insurance contract and the insurance amount. Through compensation, the actual loss of existing social wealth caused by disasters and accidents is compensated in value, and the use value is restored, so that the process of social reproduction can continue.

This kind of compensation includes not only the compensation for economic losses caused by natural disasters or accidents, but also the economic compensation for the insured's liability for economic compensation to a third party according to law, and also the compensation for economic losses caused by breach of contract in commercial credit.

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