Types of insurance, Insurance definition and meaning, what is insurance policy ?
What is Insurance ?
Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients' risks to make payments more affordable for the insured.
Insurance policies are used to hedge against the risk of financial losses, both big and small, that may result from damage to the insured or her property, or from liability for damage or injury caused to a third party.
Types of insurance
Home insurance
You are not obliged by law to insure your home but if you
have a mortgage, most lenders will insist that your house is appropriately
insured. In general, your insurance should cover contents as well as the
structure of your home. The CCPC has detailed info...