The term insurance refers to a policy that protects people if a risk happens. In insurance, there are specific term that is used, for instance, the company or entity that provides insurances is known as insurance company or an insurer, while the person taking the insurance policy is known as insured. For the insured to be covered against a certain risk, he or she must make payments to the insurance company in exchange of the insurance company’s’ promise that they will compensate the policyholder suppose the risk insured against happens.
There exist numerous methods of insurance, the main methods include dual-insurance, co-insurance, self-insurance, and reinsurance. Co-insurance, for instance, involves risk that is shared between insurance company while dual insurance refers to risks having two or more policies with same coverage, besides self-insurance is the situation in which risk is not transferable to insurance companies and are retained by policy holder.
One can take insurance cover against a number of risks , however the following are the main types of insurance covers , they include auto insurance, health insurance, gap insurance, income protection insurance, life insurance, casualty insurance, property insurance, liability and credit insurance as well as burial insurance.
Taking an insurance cover can be a complicated purchase since it involves purchasing a protection that has a potential of breaking or making the financial position of person. Independent insurance agents are most preferable to agents who work for a specific company. Working with an independent insurance agent instead of an agent that is affiliated with a particular brand can be helpful.
First and foremost, having an insurance agent will give provide you with a solution if you have a question on insurance. People who have independent insurance agents do not have to look for agents to assist them when they are faced with a financial crisis, instead they just call their agents whenever they need them. Since the insurance career involves assessing their customers’ insurance needs and matching them with the insurance carrier best equipped to meet those needs at a price the customer can afford, hiring an independent agent will help to explain the complexities of insurance in simple terms, helping one to make smart decisions. In addition, an independent agent will help you with your claim from start to finish, and making sure it is handled quickly and to your satisfaction, besides, he or she will make any billing issues that you may have. Independent agent also share your interest in the community where you live, and understand the benefits and challenges of living in your locale , in addition, they are highly involved in the community, sponsoring youth sports teams, buying from your local businesses, and supporting school. In addition, the agents will help you through all the changes in your life, whether you’re going from renting an apartment to buying a home, starting a business, getting married, renovating your home, and adding a teen driver to your auto policy.