What you know about insurance

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Insurance is a financial product that provides protection against financial losses.

Insurance is a contract between an individual or organization and an insurance company, where the individual or organization pays a premium in exchange for financial protection against specified risks.
Types of insurance include life insurance, health insurance, auto insurance, home insurance, and more.
Insurance policies typically cover specific risks, such as accidents, illnesses, natural disasters, or property damage.
Insurance companies use actuarial science to calculate risks and determine premiums.
Insurance helps individuals and businesses manage financial risks and provides peace of mind.
Example: A person buys health insurance to cover medical expenses in case of illness or injury.
Example: A business purchases liability insurance to protect against lawsuits.
Example: Homeowners buy property insurance to cover damage to their homes from fire or theft.

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