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Introduction to Insurance

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We often hear the term Insurance.

But what exactly is Insurance?

The definition says:

a practice or arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium.

So, from the definition, it is apparent:

1. Insurance is an arrangement (a contract actually)

2. Between you and the insurance company

3. That you pay premium amount at agreed terms

4. and in case of a specified loss, the insurance company pays you back.

There are two common insurance policies that every individual should have: Term Insurance and Health Insurance

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