What does it mean to have insurance?


6 Answers

Albert Stephen Profile
Albert Stephen answered
Insurance Means,

the act, system, or business of insuring property, life, one's person, against loss or harm arising in specified contingencies, as fire, accident, death, disablement, or the like, in consideration of a payment proportionate to the risk involved.

Coverage by contract in which one party agrees to indemnify or reimburse another for loss that occurs under the terms of the contract.

Any means of guaranteeing against loss or harm

So insurance is very use full term in any form.
Nikhil Kar Profile
Nikhil Kar answered
Insurance is a form of risk management or compensation against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk or loss, from insured to insurer, in exchange for payment. 
Insurance, the most important ones being health insurance and life insurance is necessary for every individual and all the more important for individuals who have family to assure financial assistance to them during critical times.
Jillian Peppe Profile
Jillian Peppe answered
Protection against future loss.
Anonymous Profile
Anonymous answered
Insurance: The contract between two parties i.e insurance company to sale the insurance policy and the other party who buy policy.
Nikhil Kar Profile
Nikhil Kar answered
Insurance is necessary for every individual especially for those who has a family or dependents in order to assure financial security to them during critical times. Life is extremely unpredictable and unfortunate incidents can strike anyone, anytime. Thus with a insurance policy one can be rest assured of his/her family’s financial independence.

Similar is the case with health insurance policies. Every individual should be covered under a health insurance policy or buy family health insurance for the simple reason that medical emergency can strike anyone, anytime. Medical treatment costs have reached an all time high and are further expected to rise. Thus a medical emergency can not only ruin you emotionally but also financially unless you have a health insurance policy.
Anil Kumar Profile
Anil Kumar answered

Having an appropriate insurance plan means having the right protection for you and your loved ones. That means, should an unfortunate event happen,  you or your beneficiary will be provided will an accumulated financial assistance to help live their life comfortably thereafter. Under a life insurance policy, when the insured expires, the insurance companies provide a lump sum amount to the loved ones helping them to repay the pending debts and take care of their lifestyle-related expenses.

While a health insurance takes care of all the medical and surgical expenses including pre- and post-hospitalization charges., in case the insured meets an accident. Along with that, there are final expense insurance, mortgage protection and annuity insurance that provide specific benefits to the insured. If you are willing to know more about various insurance plan available, you can visit our site: www.optinsure.com/ for the same.

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