How Insurance Works Essay
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How Insurance Works
In this report we will explain how insurance works. This report will explain what insurance is, the benefits,
the types, & what they cover. Though we will not go into detail on everything we will touch on most
everything.
Insurance is a type of risk management. It is an agreement in which people pay a company for protection
against loses. This helps people save themselves from a major disaster. When you buy insurance you pay
a premium. The premium is invested so that the insurance company can make money. At ALFA
Insurance in Gulf Shores the premiums you pay are invested in different ways. 5% is invested into Junk
Bonds, 20% is invested into stock, & the remaining 75% is invested into real-estate. Insurance is a shared
risk. A shared risk is the spreading of a major risk over many people by accepting certainty of a smaller
cost.
Although there may be hundreds of polices out there, there still isn't a policy that covers everything. If
your looking to insure an automobile you would buy car insurance, but you can't buy any type of car
insurance that would cover your house! There are polices that cover your house, car, outdoor structures,
your life, ect., ect.; but not a one covers everything that the other does! This is why many people have to
buy a multitude of polices to cover what they want insured.
For something of yours to be insured you have to own something of value. The object is usually
appraised before it is insured to find out the correct amount it should be insured for. This means that if
you own a car that is appraised for $16,000 but insure it for $20,000. Then one day you have a wreck.
You wouldn't get $20,000 for it, you'd only get $16,000.
There are many benefits of insurance. One is that you only have to pay a part of a major loss & not the
whole thing. When losses are paid for by insurance companies & people are able to continue & support
the economy.
There are many different types of insurance. Each insurance policy covers a different thing. Property
insurance is placed on houses, automobiles, or other property to protect consumers from loss to their
possessions such as if your house burned down. Liability insurance protects consumers from the cost of
damage they may do to another's property or from injuries they cause them. That means if you carry this
policy & you back over someone's leg with your truck & break...
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