Insurance refers to a contract between one party, either a person or an institution, and an insurer. In this contract, the insurer offers to compensate the insured for possible damage or loss and the insured pays a given sum as premium each month. Insurance premiums will vary from one month to another depending on what kind of insurance is applied for, be it health, automobile, or house insurance, and also how much insurance would like to be covered. Health insurance is aimed at covering the costs of illness and the provision of medical care. Similarly, such an insurance policy covers insurable risks against accidents such as theft or other forms of damage caused to a car. The house owner’s policy helps in insuring losses that result from various causes such as patently obvious fire or less prominent, but regular, natural calamities. Periodic payments of premium keep the policy in force, ensuring that one’s peace of mind, as well as his financial well being, is preserved, in the event of an unforeseen incident. It is very important to look at the different things within the policy and the options available in purchase in order to meet one’s requirements.
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