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Personal Insurance
Personal Insurance
Insurance like anything else is a product. It is used to cover certain risks/needs. When you buy an insurance product you transfer your risk to an insurance company. In order to assume your risk, the insurance company charges you a fee (premium). For example if you buy a $10,000 ring. Now that you own this ring, you have a risk of losing it, someone stealing it from work, on the street or from your home. There are several options to choose from.

You can return the ring and get rid of the risk. Keep it in a safety deposit box and use it occasionally, thus reducing the risk. You could deposit another $10,000 in your savings account to replace the ring if it was stolen or lost, thus insuring it yourself.

The final option would be to transfer your risk to an insurance company. They will take over your risk and pay you $10,000 to replace your ring if the ring was lost or stolen. For that service/product, the insurance company will charge you a fee (premium). They will pay out of their bank account. This account is made up of all the fees (premiums) they have collected from other people, like you who have chosen to transfer their risks to an insurance company.

This is true for any insurance product that you will utilize, whether it is Auto, Home, Life, Critical Illness or Commercial. When you get an insurance product there is always a promise to pay for or replace something. Other than your family when disaster strikes, the only outside help working till the very end to get you back to a comfortable norm are the emergency personnel like fire fighters, police, medical staff and the insurance personnel.

In this time of need the only people who will pay you instead of asking you for money is your insurance people. Understanding your insurance is very important. You want to make sure the insurance product covers the risks you want covered. If you have a question, ask your Broker; they are there to help you.
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