For those that really don't understand the concept of insurance let me quickly give you the simplest and easiest definition, insurance is simply the transfer of risk from one person to another. In a more advanced terms, it is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss (Wikipedia). People go through risk everyday some are certain which we can managed while some are uncertain which we can’t control nor managed and this is where insurance comes in.  They offer assistance to help manage and control those risks that are uncertain to you for a fee (Premium) with a promise to compensate (indemnify) you from whatever loss you might suffer from that risk.

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