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Advantages & Disadvantages of Insurance

Advantages & Disadvantages of Insurance The main advantages of insurance can be described as follows: - Provides economic protections Insurance provides economic and financial protection to the insured against the unexpected losses in consideration of nominal amount called premium. It provides financial protection to the nominee in case of the pre-matured death of insured. It also covers the loss of properties due to theft, fire, accident and other natural calamities. Shares risks People are exposed to various kinds of risks and uncertainties which may cause large losses. It is impossible to eliminate risks and uncertainties altogether but it can be reduced or shared. Insurance is a co-operative device, which helps to share the risks among the insured. Thus, the insurance company reduces the risk of the insured in exchange for small premium. Maintains standard of living Insurance provides financial protection against an unexpected risk of losses due to which people can maintain the...

What is AUTO insurance?

What is Auto Insurance? Simply put, auto insurance is a safety net. It is a contract that you have with an insurance company in which you agree to pay a premium, and in the event of an accident, the company agrees to pay for your covered damages, as outlined in your specific insurance auto policy. It is important to familiarize yourself with the terms 'premium' and 'deductible' when shopping for auto insurance. An insurance premium is the amount of money your insurance company charges you for a certain policy. Your deductible is the amount of money that you are responsible for paying when damages occur as the result of an accident. For example, if you have $500 in damages as the result of an accident and a $100 deductible on your auto policy, you are responsible for paying $100 of the total damages. If you are responsible for causing an accident or damag...

what is Health Insurance?

what is Health Insurance? Health insurance is insurance that covers the whole or a part of the risk of a person incurring medical expenses , spreading the risk over a large number of persons. By estimating the overall risk of health care and health system expenses over the risk pool, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to provide the money to pay for the health care benefits specified in the insurance agreement. The benefit is administered by a central organization such as a government agency, private business, or not-for-profit entity. According to the Health Insurance Association of America , health insurance is defined as "coverage that provides for the payments of benefits as a result of sickness or injury. It includes insurance for losses from accident, medical expense, disability, or accidental death an...

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