What is Insurance?

Insurance is defined as a mean of reimbursement to a person or company when there is a case of loss other than natural disaster (dependent on its policy). An insurance policy is defined as a written contract or certificate stating the conditions apply for a claim.

Various types of insurance like Life Insurance, Vehicle Insurance, Travel Insurance, Property Insurance, Fire Insurance, Accident Insurance, etc that cover personal or properties against future financial loss.
What is Insurance?

Different Types of Insurance

Some types of insurance are as follows:

  • Auto Insurance
  • Home Insurance
  • Health Insurance
  • Accident Insurance
    • Disability
    • Disability overhead
    • Total permanent
    • Worker's Compensation
  • Casualty Insurance
    • Crime
    • Political Risk
  • Life Insurance
  • Liability Insurance
    • Public Liability
    • Directors and Officers Liability
    • Environmental Liability
    • Errors and Omissions
    • Prize Indemnity
    • Professional Liability
  • Credit Insurance
    • Mortgage
  • Insurance Financing Vehicles
  • Closed Community Self-Insurance
  • Property Insurance
    • Aviation
    • Builder's risk
    • Crop
    • Earthquake
    • Fidelity Bond
    • Flood
    • Home
    • Landlord
    • Marine
    • Supplemental Natural Disaster
    • Terrorism
    • Volcano
    • Windstorm
  • Other Types of Insurance
    • All Risk
    • Bloodstock
    • Business Interruption
    • Collateral Protection
    • Defense Base Act
    • Expatriate
    • Kidnap and Ransom
    • Legal Expenses
    • Locked Funds
    • Livestock
    • Media Liability
    • Pet
    • Pollution
    • Purchase
    • Title
    • Travel

What is Insurance?

  • A form of risk management
  • Provides against the risk of a contingent of uncertain loss
  • The Equitable transfer of the risk of loss from one entity to another in exchange for payment
  • The pooling together of many insured entities funds that will pay for the losses of a few that may occur
  • The insured entities are provided with protection for a fee
  • Fees depend on the frequency and severity of the event that may occur
  • Insurance cover will depend upon the entity seeking cover, meeting certain criteria making them an insurable risk

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