Insurance

Insurance is a form of risk management primarily used to hedge against the risk of a loss. In simple terms, insurance allows someone who suffers a loss or accident to be compensated for the effects of their misfortune. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium. Insurance lets you protect yourself against everyday risks to your health, home and financial situation. Insurer is the company that sells the insurance. Insurance rate is a factor used to determine the amount, called the premium, to be charged for a certain amount of insurance coverage.

There are many different types of insurance.
Travel insurance: Holidays abroad can be dangerous occasions.
Car insurance: Most people know something about motor insurance. In some countries this is obligatory.
Building insurance: Buildings insurance protects against damage or earthquakes
Life insurance: A way to provide for your love ones in case you die.
Critical illness insurance: This allows you to insure your income/ health were you to become too ill to work.
Private medical insurance: This covers the costs of private medical treatment