What is Insurance?

By: Dusty Arlia
Published on April 11, 2012
Last Updated on Saturday, July 18, 2015 at 6:12 PM
Total Updates: 5

Insurance is a practice or arrangement by a company or government agency that provides a guarantee of compensation for a specified loss, damage, illness, or death in return for payment of a premium. A lot of the time, your premium can go up or down based on your previous insurance claims and past history. Other times your premium can be at a fixed price. Most insurance companies allow you to pay for your insurance either every month or every 6 months. By paying 6 months at a time, the insurance company will usually offer some kind of savings. Here are some of the more common insurance policies:

  • Boat Insurance
  • Car Insurance
  • Flood Insurance
  • Health Insurance
  • Home Insurance
  • Life Insurance
  • Motorcycle Insurance
  • Renters Insurance