People have over the years wondered why they need to be insured or buy insurance for their various properties. After reading lots of questions, people ask question concerning insurance and insurance company, i have decided to bring my services closer to you by answering all your questions and also helping you with your insurance services. In other words let me be your personal insurance agent... so let us talk insurance.

What is insurance?

Insurance basically involves a group of people agreeing to share risks. It is a very old idea which started back when sailing ships got destroyed or lost their cargoes. Merchants found that by dividing their cargoes among several boats, they protected themselves from total financial ruin. That way, if one of the boats was destroyed, no merchant lost everything. Each stood to lose only a small portion.

If your car is totaled or your home burns down, could you pay to buy or build another one? Probably not. But if you buy insurance, all policyholders pay premiums so that there is enough money to pay your claims and the claims of others.

When you buy insurance, you join many others who pay money to an insurance company. The insurance company uses the money collected to pay claims that are submitted by those who have purchased insurance. The money is "pooled" and losses and expenses are shared. An important aspect is the members of a pool share similar risk characteristics.

When you buy insurance, you get a policy. That policy is a legal contract. It spells out exactly what you are buying; it lists what is covered and what is not. It lets you know how much you must pay (the premium) and when it must be paid. You need to read your policy and try to understand it -- even if it seems complicated. You should contact your agent or your insurance company representative and ask questions about anything you do not understand. Insurance agents sell policies for an insurance company. Some agents work exclusively for one company, sometimes referred to as captive agents. Others sell for many different insurance companies (these are called independent agents).

What are the different types of insurance?

Insurance can protect you for almost anything that might happen unexpectedly or accidentally. You buy protection against the chance of losses that can burden you financially.

There are many types of insurance available. You can buy insurance to provide income to your dependents in the event of your untimely death. It can also protect you in the event your car is damaged or you are injured in a crash. You need protection for your home and your personal property. Renters need protection for their personal belongings. Insurance can assist if you have a serious illness and costly medical bills. Workers' compensation is insurance purchased by employers to help pay the expenses of employees who are injured on the job.

What are the social benefits of insurance?

Along with the personal benefits of insurance, it helps society by reimbursing people and businesses for covered losses, encouraging accident prevention, providing funds for investment, enabling people to borrow money and reducing worry and stress related to accidents or unfortunate events that may occur.



Do you have questions? Please ask as i am willing to answer. Cheers

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