Brianna B

Nowadays insurance has become an important part to how we live our daily lives. It has come to be known as a life necessity that many people are grateful to have. Insurance serves as an excellent risk- management and wealth preservation tool. Meaning it aids people in managing and understanding what type of coverage that is available for a particular person. There are many types of insurance to choose from and many find it hard to choose what insurance would be beneficial to themselves. Choosing the right kind of insurance is great way in making sure your financial plan is in track. Insurance companies also extend coverage to allow businesses and other entities to protect themselves against potential losses and financial hardship. Most of the time these protections are offered to firms at a reasonably affordable rate. This is good, because businesses and can be a headache to run and adding on outrageous rates for insurance will only make things difficult  to handle. Insurance coverage may include protecting family after one’s death, protecting your business from interruption or loss of income, protecting your home against theft, fire and flood, protection against lawsuits or even protection against car theft or losses due to accidents. The variety types of insurance only gives you more ways to keep what is valuable safe. 90% of the time when applying for insurance coverage there will be an insurance contract involved. This is a legal document that explains coverage, features, conditions and limitations of a specific insurance policy. It is critical to fully understand your contract by asking questions that you may have. Having insurance has become very important and something that you need to have in order to protect yourself and your property. This can be widely shown when my mother recently was involved in a car accident. Another woman slammed in the back of her while in traffic on the interstate. She crashed because she was checking on her child that was I the backseat. Once the police finally arrived they took driver’s license information from both of them. My mother ended up going to the hospital to treat back and neck injuries as a result of the car accident. My mother’s car had to go into the shop to be thoroughly fixed. The police report taken stated that the person driving the other vehicle did not have any car insurance and they also had an out of state driver’s license and tag. Unfortunately she was nowhere to be found. If it wasn’t for my mother’s uninsured motorist coverage on her car insurance policy, medical bills would have not been paid and her car would not have been fixed. Motorist coverage is not something that is required for all motorist, however it is a valuable tool that saved my mom a lot of money. This circumstance shows that things happen in our lives that we have no control over, but if we have protection we are able to save ourselves time and money. Insurance companies such as Geico, AmFam, Amica, Progressive, Liberty Mutual and Nationwide all offer different types of insurances that makes sure you are fully protected in every part of your life. For starters, Property and Causality insurance protects against losses to your business home or car against legal liability that may result from injury or damage to the property of others. For example, Allstate Insurance specializes in Property and Causality insurance. Auto Insurance covers whomever has permission to drive a car, damage liability and physical damage to vehicle. Auto insurance is useful tool, because every day there are so many accidents that occur while on the road. Homeowners Insurance covers dwelling, personal property and contents resulting from damage to property itself. Health insurance is another important key to making sure you are protected because it pays for medical expenses in exchange for premiums. Disability Insurance replaces a portion of your salary that you had before you become disabled and unable to work due to serious injury or illness. Long term care Insurance is for those who are need of assistance with some of the activities of daily living. This type of insurance protects assets in case you need to pay for assisted living. Lastly, Life Insurance protects yourself and family from personal risk exposures like repayment of debts after death. In conclusion insurance is important, because it provides safety and security by giving financial support and reduce uncertainties in business and human life. Insurance also generates funds by collecting premium. Lastly, it promotes economic growth by generating a significant impact on the economy by mobilizing domestic savings.

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