What You Need To Know About Insurance

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 WHAT YOU NEED TO KNOW INSURANCE ABOUT INSURANCE

We hear about insurance here and there, and we all think it's a good idea. Some of us can explain what "insurance" means, how it works, what we can insure and How To insure, but the question now is, do we really put the idea of insurance into practise?

Most people do not even think about it probably because they think it's for the wealthy or for folks who have expensive properties but no! Anyone can have insurance as a back up.

In a lame man's term, insurance is a back-up plan, a contingency plan that we put in place in case an unexpected event occurs. People insure properties such as houses, cars, lands, machines, etc for the fear of the unexpected.

Some folks hold the believe that "insurance" depicts that one that is expecting evil, but that is not so, it's just a plan-B

HOW INSURANCE WORKS

Insurance can be traced to a fire hazard that burnt down over thirteen thousand houses in London many years ago. This incident awakened the idea of creating companies that repaired or refunded damages to properties even though it was not very standard. This step was successful and so many more companies began to rise.

In our present day, the system has been developed and modernized more than it used to be in time past. There are now different types of insurance and different policies of insurance too.

As an individual, it is expected of you to get a good and renowned Insurance company with a reputable name, sign up with them on a deal that suits you. Generally, what the company does is to cover up for your losses, while your part are required to pay a fixed amount of money every month or at an agreed time so that when the unexpected happens eventually, the company comes in and plays their own part.

As stated earlier, the two parties involved have a role to play; mostly the money you pay periodically, that is Premium, is based on your policy.

Normally, the loss is covered by the insured and the insurer.

In a case where you are paying a big amount of money, then the share you have to carry when there is loss of property is reduced because you pay a higher premium, but when you go for a policy that allows you to pay a little premium, then the share of the loss you are to cover will be pretty much.

Insurance covers unexpected incidents like road accidents, fire hazard, hurricanes, earthquakes, tornadoes, bomb attacks, flooding, and so much more.

In an interview with some numbers of people, some folks do not hold "Insurance" in such high esteem because they feel it is a sign that one does not have faith in God and they also think one is inviting evil by doing such. It is their own perspective of the issue, just like some folks believe it's for the wealthy or for people who control large amounts of properties.

It is the aim of this short article to discard such beliefs. People should know that you can insure your car, your house, your land if you go by the right channel.

If eventually, the unexpected happens and you have an Insurance policy, I congratulate you because no matter the extent of loss you suffer, your insurance policy is there to back you up and also get you back on your feet in a short time.

It is not so for someone who did not insure his or her properties, such a person would have to suffer the grief of his loss, and also bear the entire damages on his own.

Insure your properties today...

Thanks for reading, lets from you via comment, whats your take on insurance? Have you been taken advantage of insurance? Kindly share your experience with us.

 

What You Need To Know About Insurance - By Stephen Victor - 2020-01-06 08:29:05

Insurance is a platform that helps in financial aspect, saving for the future to say the least. It secures The life of the person and his or her entire family, even if the person pass on by death, the family of the deceased is still secured financially, so in my own opinion, insurance is a way of saving for the future. 

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