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For you to understand the purpose of insurance you will first have to ask yourself some difficult question, i.e. What if I was involved in an accident how would I settle my medical bills?, my possible subsequent continuing out patient treatment?, or maintain my standard of living or a descent standard of living after the loss of income due to my inability to work because of personal injury?, How will I pay for the living costs for me and my family until when I am in better health?
The answer is insurance for all the above. There are various types of insurance. General Insurance, Home, car, and life are just four of the diverse kinds of insurance policies that are accessible to the public. Insurance is a safeguard for consumers against all the possible wrong things that can happen to them or their possessions.
In certain circumstances particular types of insurance are legally required. Many governments require car owners to have an insurance policy for each vehicle the person or business owns. In other words, vehicle owners are legally required to buy an insurance liability policy that will compensate those that you have an accident with, but will not compensate your losses. If you would want to also cover your losses, you could buy a more comprehensive policy that will compensate for damages to both you and the 3 rd part in the accident; this policy can comprehensively cover medical costs and property/financial damages.
Therefore the basis as to why insurance is important for vehicles is that it covers you from having to pay large sums of money in damages out of personal finances in the event that you are found liable for the accident. Without automobile insurance policy, you might lose all that you have, and go into debt so as to pay for damages. Another type of insurance policy that is important is the house and contents insurance, the lowest policy level is often based on the probability level worked out by the insurance company.
Topic starter
Posted : 17/03/2010 8:55 am
Re: The Importance of Having Insurance
Good to hear the strange facts and the benefits one person can get by insuring herself or himself. Insurance is really necessary in our life in order to meet the unknown risks in our life.
Posted : 09/04/2010 10:47 am
Re: The Importance of Having Insurance
Roger as always, a great post. Auto insurance is required at the state level for your protection. There has been some misunderstanding regarding this. Most think that it is a federal law. This is untrue. I digress.
It is important to remember that insurance is not necessarily for today, but for what might happen tomorrow.
Regards,
Billy
Posted : 09/04/2010 2:31 pm
Re: The Importance of Having Insurance
I have complete believe in insurance..everybody must have at least term insurance..it is very very useful for u and ur family too..
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Medical Negligence
Posted : 16/04/2010 5:40 am
Re: The Importance of Having Insurance
The particular Critical Life insurance provides a ‘list’ of illnesses, including not curable health problems that the insurance plan can look after.
Posted : 14/06/2010 6:35 am
Re: The Importance of Having Insurance
Insurance is a protective measure used against future conditional losses to verge the possible risks of the future. It protects a person from risk of losses through financial means and provides a means for individuals and societies to handle some of the risks faced in daily life by legal contract. Insurance companies are provided by contracts of insurance are called policies. There are many types in insurance. The companies charge a regular amount from the customers, which is paid back, either in part, or entirety, to the customers in case of a definite loss. This regular amount charged from customers is called Insurance Premium.
Posted : 15/09/2010 7:54 am
Re: The Importance of Having Insurance
We can only imagine the benefits of being insured, there are so many payments which we cant pay without a insurance, and a proper insurance policy can give a feeling of relief from all the bills you have to pay when you are ill, imagine what will be the condition if you doesn't have a health insurance.Critical Illness Insurance provides payments in the event of an adverse economic effects of surviving a critical illness, such as cancer, stroke or heart attack.
Posted : 23/03/2011 7:51 am
Re: The Importance of Having Insurance
Life insurance is very vital for you as more and more people are interested in it. Health is the most precious thing in every person's life but there are few of us who know the value of it in the early age.
Posted : 07/04/2011 8:49 am
Re: The Importance of Having Insurance
Insurance is really very helpful at the times of needs. Sometimes you fall short of paying an urgent expense say a hospital bill, at this time a health insurance will lend a helping hand to you. Insurance covers all kinds of losses and damages to a person's life and other things such as car, home etc.
Posted : 11/04/2011 11:32 am
Re: The Importance of Having Insurance
Different insurances are good for different people according to their need.Moreover insurance provide financial security to family.Health insurance are also becoming popular these days.Among this Medicare part D plan is becoming poular.
Posted : 18/04/2011 8:35 am
Re: The Importance of Having Insurance
The insurances might be different for different purposes,but it would give our life the best option of benefiting from unknown possible risks like major accidents for a person and causing damage to a vehicle etc.,..The offering of insurance would be good for drivers driving their vehicles as it would be supportive for them buying vehicle and learn something about driving to get experience of it.
Posted : 28/04/2011 4:40 am
Re: The Importance of Having Insurance
stevenricherd;63650 wrote: We can only imagine the benefits of being insured, there are so many payments which we cant pay without a insurance, and a proper insurance policy can give a feeling of relief from all the bills you have to pay when you are ill, imagine what will be the condition if you doesn't have a health insurance.Critical Illness Insurance provides payments in the event of an adverse economic effects of surviving a critical illness, such as cancer, stroke or heart attack.
Life insurance is very vital for you as more and more people are interested in it. Health is the most precious thing in every person's life but there are few of us who know the value of it in the early age.
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Posted : 02/05/2011 3:52 pm
Re: The Importance of Having Insurance
Insurance is a defensive measure used against future conditional losses to hedge the possible risks of the future. It is a legal contract that protects a person from contingent risk of losses through financial means and provides a means for individuals and societies to handle some of the risks faced in daily life.
Posted : 03/05/2011 6:44 am
Re: The Importance of Having Insurance
I'm on a time crunch to get into an apartment, and I'm trying to move in with my boyfriend.
Posted : 04/05/2011 3:12 pm
Re: The Importance of Having Insurance
Good to listen to the strange facts and the benefits person can get by insuring herself or himself. Insurance is necessary in our life in order to meet the unknown risks in our life.
Posted : 05/05/2011 5:17 am
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