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Find answers on this questions:
• What is insurance and how does it work?
• Why We need insurance?
• Who insures the insurers?
• How can I reduce my insurance premium?
• What is Best for me? …

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Good to know
• INSURANCE is a means of protection from financial loss. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss.
• AN ENTITY which provides insurance is known as an insurer, insurance company, or insurance carrier.
• A PERSON or entity who buys insurance is known as an insured or policyholder.
• THE INSURANCE TRANSACTION involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate the insured in the event of a covered loss.
• THE LOSS may or may not be financial, but it must be reducible to financial terms, and must involve something in which the insured has an insurable interest established by ownership, possession, or preexisting relationship.
• INSURANCE POLICY - The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated.
• PREMIUM - The amount of money charged by the insurer to the insured for the coverage set forth in the insurance policy is called the premium.
• CLAIMS ADJUSTER - If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster.

Methods of insurance


There are the following types of insurance:

1. CO-INSURANCE – risks shared between insurers.
2. DUAL INSURANCE – risks having two or more policies with same coverage (Both the individual policies would not pay separately- a concept named contribution, and would contribute together to make up the policyholder's losses. However, in case of contingency insurances like Life insurance, dual payment is allowed).
3. SELF-INSURANCE – situations where risk is not transferred to insurance companies and solely retained by the entities or individuals themselves.
4. REINSURANCE – situations when Insurer passes some part of or all risks to another Insurer called Reinsurer.