What is Insurance

What is Insurance

Insurance is a contract represented by a policy in which an individual or entity receives financial protection or reimbursement from an insurance company in the event of an insured loss event. The insurance company pools a lot of similar risks together to make payment more affordable.

Types of Insurance

Life Insurance

This type of insurance pays out a sum of money either on the death of the insured person or after a set period agreed on by both the individual or business entity and the insurance company.

Non-Life/General Insurance

This type of insurance pays out a sum of money either on the death of the insured person or after a set period agreed on by both the individual or business entity and the insurance company.