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What is Insurance?

Protection against a specific loss, such as fire, wind etc., over a period of time that is secured by the payment of a regularly scheduled premium. A risk management tool that protects an individual from specific financial losses under specific terms and premium payments, as described in a written policy document.

Insurance is appropriate when you want to protect against a significant monetary loss. Insurance allows individuals, businesses and other entities to protect themselves against significant potential losses and financial hardship at a reasonably affordable rate.

Types of Insurance

Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss.

The types of insurance exists are:

  • Auto Insurance
  • Causality Insurance
  • Disability Insurance
  • Health Insurance
  • Homeowner’s Insurance
  • Liability Insurance
  • Life Insurance
  • Medical Insurance
  • Property Insurance
  • Unemployment Insurance

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