Charlie Marlow
Insurance is technically a transference of risk. In other words, you pay a company money in the form of a premium in order to provide financial protection in the case of a loss. The terms of an insurance contract will spell out what is and is not covered, the type of coverage, financial limitations of coverage, any deductible amount you have to meet before insurance pays, and the cost of the coverage.
The most common forms of insurance are:
- Auto insurance provides liability coverage for damages, injuries, medical payments, and damage to your own vehicle.
- Medical insurance helps cover catastrophic illness, hospitalization, doctor visits, and medicines.
- Life insurance provides for the needs of your survivors and covers final expenses.
- Homeowners/Renters insurance protects against fire or storm damage, theft, and liability for injuries.
- Pet insurance protects you from unexpected veterinary expenses, such as illness, accidents, and emergency treatments.
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Rachel S
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