Whats is a Insurance ?
Insurance helps you protect yourself against risks like a house fire, car accident or burglary. You can also get insurance that pays you money if you get too ill to work or to provide for your family if you die. So I think all kinds of peoples should know the details of techmoot.com
What is insurance?
Insurance is a means of protection from financial loss. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is an agreement in which you pay a company money and they pay your costs if you have an accident, injury, etc
As for example: travel insurance, car insurance, life insurance
In a word, Insurance is a contract between an individual (the policyholder) and an insurance company. This contract provides that the insurance company will cover some portion of a policyholder’s loss as long as the policyholder meets certain conditions stipulated in the insurance contract. The policyholder pays a premium to obtain insurance coverage. If the policyholder experiences a loss, such as a car accident or a house fire, the policyholder files a claim for reimbursement with the insurance company. The policyholder will pay a deductible to cover part of the loss, and the insurance company will pay the rest.
For example, suppose you have a homeowners insurance policy. You pay $1,000 per year in premiums for a policy with a face value of $200,000, which is what the insurance company estimates it would cost to completely rebuild your house in the event of a total loss. One day, a huge wildfire envelopes your neighborhood and your house burns to the ground. You file a claim for $200,000 with your insurance company. The company approves the claim. You pay your $1,000 deductible, and the insurance company covers the remaining $199,000 of your loss. You then take that money and use it to hire contractors to rebuild your house.
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Insurance is a contract, rather, a deal between an individual or entitty and an insurance firm governed by a policy for financial protection or claims from a loss. Reimbursement can be done if let’s say, a damage done to your property thru this said contract. Know more about insurance here.