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Basic Knowledge Of Insurance | Advantages and Disadvantages

Insurance notice

Insurance not only brings peace of mind but also provides some financial protection for emergencies and other risks in life. There are many reasons to take out insurance, including wanting to protect your family after you die or lose your ability to make money or to protect your home, car or other assets in the event of a theft or disaster.

Insurance principle

The role of insurance is to manage risk. After you apply for insurance, you are transferring some financial risks to the insurance company. Without insurance, you are responsible for your own financial risks. Adding insurance arrangements to your financial plan is very important to protect yourself, your family and personal assets, as well as prevent various risks.

When you buy insurance, you become an insured person, and possibly an insured person. You pay the insurance company an amount called a "premium" as a price you ask the insurance company to bear the risk for you. If you encounter an accident that falls within the scope of the contract, you can file a claim.

You can consider your individual insurance needs by following these main steps:
  • Determine the protection you need, shop around and choose the policy that meets your needs.
  • Apply for insurance and make sure you understand the policy terms and coverage. Understand the precautions for applying for insurance.
  • Pay the premium. Depending on the type of policy, premiums can be paid annually, monthly or in a lump sum.
  • File a claim – don't hesitate to notify the insurance company as soon as a claim is needed.