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What is Insurance?

April 26, 2017Insurance

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What is Insurance?

9 Answers

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Insurance is protection against financial loss arising on the happening of an unexpected event. Insurance companies collect premium to provide this protection. A loss is paid out of the premium collected from the insuring public and the Insurance Companies act as trustees to the amount collected.

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Insurance is a financial risk management tool which can cover unexpected financial expenses. But to take avail of such a cover, you need to give an insurance agency a timely premium – monthly, quarterly, half-yearly or annually.

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Insurance is a risk transfer mechanism where a person or company can transfer all or part of their insurance risk exposures to a professional insurance company or underwriter in consideration for an agreed risk premium.

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Insurance is a system of protection against loss in which an individual agrees to pay a certain sum for a guarantee that they will be compensated under stipulated conditions for any specified loss. It is a contract guaranteeing such protection.

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Insurance is a promise to help you get your life back to normal in case of an accident, theft or disaster. Insurance uses the payments of many to cover the losses of a few. When you buy insurance it helps to protect you against serious and unforeseen loss or injury that you could not pay for otherwise. Every year, your premium goes into one large pool, which is used to pay for any claims – it is about spreading or sharing the risk. Insurance is divided into different lines of business. YOU-Insurance is focused solely on property and casualty insurance, which includes car and home insurance.