What is insurance?
Insurance is a financial instrument that protects against loss due to unforeseen events. Insurance can be used for both tangible and intangible assets. Tangible asset includes your house, car, business, etc. Intangible asset refers to things like intellectual property rights, patents, copyrights, brand names, trademarks, trade secrets, goodwill, customer relationships, employee training, and other non-physical items.
The benefits of having insurance are many. They include protection from catastrophic losses, tax advantages, liquidity for investments, and risk management. If you have insurance, then you are protected from losing what you’ve worked hard to obtain. However, if you don’t have insurance, then you may end up being left without anything to show for your efforts.
In this article we discuss the three types of insurance: Property insurance, Liability insurance, and Life insuranc.
History of insurance
Insurance is what people who sell things sell. They often say that they want to insure your items for you. This means that if anything happens to your stuff then they’ll replace it or give you some money. This way you don’t have to worry about losing your items.
- History of life Insurance
Insurance was invented thousands of years ago in China. There are many documents about insurance dating back to the time of Confucius, who said: “The gentleman should provide for his family’s needs but not insure against them.” This means that he believed that if something happened, it would happen regardless of how much money you have. That’s what we call “natural hazard”.
- History of Life insurance
In 1882, John Brown established the first life insurance company called The Equitable Life Assurance Society of the United States (commonly known as Equitable). At this time, people began to realize that they can use insurance to protect their families from certain events like death. In 1917, the government passed the first law requiring life insurance companies to invest customer’s premiums according to the customers’ goals. Many other states followed suit and put similar laws into effect in order to regulate insurance companies fairly.
- History of Health Insurance
Health insurance came from the belief that health issues cannot be prevented and only controlled through careful management. Because of this, early health plans were designed for patients rather than employees. Henry J. Kaiser founded the Blue Cross organization in 1919. Unfortunately, some of the practices we know today did not exist at the time, like pre-existing conditions, lifetime benefits, co-payments and deductibles.
What kind of insurance is using
Sometimes insurance can be used to protect others too. There are many types of insurance, including property insurance. Property insurance protects you against damage to your home and possessions, such as fires, floods, vandalism, and theft.
Make sure that you use the right type of insurance – this includes checking if it covers specific events that happen at your place. If you are taking out fire insurance, you need to make sure that you purchase enough coverage to cover your entire house.
Check the terms and conditions before you sign any contracts. This will help you to avoid being caught unawares.
When you are paying for a product, always check the return policy first. Usually, companies will offer a free trial period where you can test their services. Find out what fees apply in case you decide to cancel.
What is life insurance?
Life insurance is a type of financial protection that provides a benefit if a person dies before he reaches retirement age or other specified period of time. In return, the insurer pays out a lump sum of money at a certain future date (called maturity).
The benefits provided by life insurance are generally paid out to dependents who may have lost their income due to death. Sometimes people buy life insurance without knowing what they’re getting into. This can lead to problems down the road.
There are different types of life insurance. Here is a list of some common ones and how they work.
how does life insurance work?
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If you have ever tried to find out how life insurance works, then you know that it can get quite confusing. In this video I go over some basics of how and what happens after you purchase life insurance. Initially, your life insurance company will send you a big check (called a death benefit), but eventually if they insure enough people, the checks will stop coming. In this case, instead of sending you a single check at the end, your beneficiaries would receive smaller payments until they reached a certain amount. It’s important to realize that these policies are permanent, meaning that they continue month-to-month regardless of whether you’re alive or dead. If you want to cancel your policy, you need to do this before your date of death, otherwise, you’ll lose any remaining benefits.
How could this help me?
Think about it… You are likely going to die! Would you rather just have a ton of debt or a guaranteed income that stops once you die? A lot of people don’t invest for retirement because they simply don’t buy life insurance. Investing should be a goal of everyone, it doesn’t matter how old you are. Buying a life insurance policy can pay off your entire portfolio if something were to happen to you! If you wait too long to start investing, you may not have much of a future. Whether you’re buying life insurance or investing for retirement, you need to sit down and budget/plan effectively.
What did he say?
You might remember my rant on health insurance. Unfortunately, it looks like we are only 6 months away from the beginning of 2018. So if you didn’t take action last time, here’s your chance again. We’ll cover how to get quality health insurance, what to look for in a plan, and what steps you should take now to protect yourself in January.