Do You Know The Meaning Of Insurance?

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According to Encarta Encyclopedia, Insurance is a contractual arrangement that provides for compensation by an insurer to an insured part if or when a specified set of circumstances occurs. Circumstances in this contest could be death, personally injury, accident, unemployment, loss or damage to property or any other number of instances that can be compensated for financially.

How does the insurance company operate? The insurance company operates by collecting small contributions from many people who are exposed to risks. This money collected is used to settle those who fall victim of such risks. These contributions which the insurance company collects are called premium.

To some individuals, insurance is seen as an investment. But is insurance an investment? No I don’t think that insurance is an investment. Insurance is a way we share our risk with others. It is a way of getting protection to reduce damages associated with some mishaps. No matter how careful one may be, he/she must need one type of insurance or the other.

When you buy insurance, it means that you are sharing your risk with others. Simply, the insurance company is a risk management company that can help anyone to reduce risks associated in day to day activities. Man is vulnerable to dangers and by virtue of this need insurance to help him cope in an unfriendly world.

Another thing you have to know when buying insurance is “insurance policy”. The insurance policy is the rule or guideline of the insurance company. It is the insurance policy that will help you to choose a better option for your insurance needs.

Finally, before you buy insurance, try and understand the policy of the insurance company to avoid paying for services which you may never need. Proper understanding of the insurance policy will help you to reduce the insurance cost.

Victor is the author of A Step by Step Tutorial on How To Make Money On the Internet. To know more about your insurance need, read more about Car or Auto Insurance or Motor Insurance at http://car-insurance-us.blogspot.com/ and http://www.insurance-for-me.net

Article Source: http://EzineArticles.com/?expert=Victor_Ezeaku

Home Insurance Guide - Secure Your Home With Home Insurance

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Home insurance refers to an insurance policy that is a combination of personal insurance protections. Home insurance policy protect against certain accidents that can happen at the home. It is also known as homeowners insurance. Home is a largest investment for all thats why home insurance policy is essential to protect your home. Home insurance policies generally provide coverage against theft, fire, lightening, smoke, frozen pipes, ice and snow.

Cost of home insurance depends on the cost that is required to replace the house. It is a contract including all items that should be covered or not. Home insurance policy normally doesn’t include claims against earthquakes, floods, war or ‘Acts of God’. Sometimes homeowners can purchase special insurance that provide protection against flood and earthquake.

Home insurance policy is a contract that works for a limited period of time. Insured party has to pay an amount of premium to the insurer for each term. Sometimes insurer charges a lower premium. Another type of home insurance is perpetual insurance that is not fixed for a fixed term and can be acquired in some areas.

Buyers should read all contents of the policy at the time of purchase. They should maintain a list of personal property and review their insurance policy annually. They should read all terms & conditions before signing any type of contract.

About Author: The author owns a website on Home Insurance. Website provides information about home insurance, homeowners insurance, and some tips to buy home insurance policy at cheap rates. To get more information click: Homeowners Insurance

Article Source: http://EzineArticles.com/?expert=Gagandeep_Dhaliwal

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