Insurance is where you pay to insure against something happening to yourself or your property. If the worst happens, the insurance company pays out either the full cost of repairing or replacing the damaged goods, or an agreed sum.
Insurance allows people to protect themselves against risks like theft, accidents or illness – or to provide for their families in the case of their early death.
Source: Association of British Insurers
- Insurance @ Wikipedia
Excerpt: Insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy. The amount to be charged for a certain amount of insurance coverage is called the premium.
- Insurance @ Citizens Advice Bureau
Excerpt: You buy insurance in order to protect, or ‘cover’ yourself against unexpected financial loss which can result, for example, from personal injury, illness, or damage to your property or personal possessions. Some of the most common types of insurance cover are: motor insurance, household contents insurance, buildings insurance, travel insurance, private health insurance and life insurance (often called life assurance).
Message supplied by: Rich @ Respect Yourself