25/04/2022
Understanding insurance
What is insurance?
It is a legal contract between you and an insurance company in which you transfer risk to the insurance company for a premium (specific amount of money for a specific period of time) with a guarantee/assurance that in case the risk insured against is to happen, the insurance company compensates you in full.
Types of insurance?
~ General (Non-life) insurance:
This is the protection of ourselves and the things we value, such as our homes, our cars and other valuables, from the financial impact arising from fire, theft, storms to car accidents, travel mishaps - and even from the cost of legal action against us.
~ Life insurance:
This insurance covers the life of a person against the financial impact of risks such as death, total permanent disability and old age and pays out a sum of money either on death of the insured person or after a set period of time.
~ Medical insurance:
This is taken out to cover the cost of medical care in case the need for it arises within a specified period of time.
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