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Insurance is an instrument for protection of self and property against
future risks.
Any serious contemplation of taking control over personal finances needs
to take insurance into account. We can divide insurance services into two
categories: those that apply to natural persons (human beings) and those
that are used in relation to man-made assets.
future risks.
Any serious contemplation of taking control over personal finances needs
to take insurance into account. We can divide insurance services into two
categories: those that apply to natural persons (human beings) and those
that are used in relation to man-made assets.
Life and Medical Insurance
Life insurance is an instrument through which a natural person may
declare a dollar value, which he or she is worth and as such
compensation becomes due to his or her beneficiaries upon death.
Some of these policies make provision for partial settlement of claim if
the beneficiary loses a limb or an eye.
Many people take life insurance policies of a value slightly higher than
their total liabilities. Thus in the event of their death, dependants are not
unduly burdened with debt for which they are not directly responsible.
Medical insurance on the other hand is based on the proposition that
the human body routinely needs treatment for all sorts of ailments and
disease. Thus these policies are meant to cover a significant part of
their routine medical care.
Health is a precondition for everything in life, including wealth and
success. Therefore in taking control of your personal finances it is also
important to make much needed investment in your health.
declare a dollar value, which he or she is worth and as such
compensation becomes due to his or her beneficiaries upon death.
Some of these policies make provision for partial settlement of claim if
the beneficiary loses a limb or an eye.
Many people take life insurance policies of a value slightly higher than
their total liabilities. Thus in the event of their death, dependants are not
unduly burdened with debt for which they are not directly responsible.
Medical insurance on the other hand is based on the proposition that
the human body routinely needs treatment for all sorts of ailments and
disease. Thus these policies are meant to cover a significant part of
their routine medical care.
Health is a precondition for everything in life, including wealth and
success. Therefore in taking control of your personal finances it is also
important to make much needed investment in your health.
Property Insurance
Anyone who already has a mortgage knows what it feels like - a
commitment to meet a minimum standard each and every month for
several years, usually more than 20 years. The main reason why
mortgages take so long for repayment is the size of the amount loaned
in relation to average income.
Obviously, it makes lots of sense to insure a property for which a
mortgage is still payable, as otherwise in the event of loss the owner
has to pay for as asset that no longer exists.
commitment to meet a minimum standard each and every month for
several years, usually more than 20 years. The main reason why
mortgages take so long for repayment is the size of the amount loaned
in relation to average income.
Obviously, it makes lots of sense to insure a property for which a
mortgage is still payable, as otherwise in the event of loss the owner
has to pay for as asset that no longer exists.
Insurance for autos an other mobile equipment
Insurance for mobile equipment is also extremely important.
Automobile insurance is perhaps the most prominent in this category.
The options for auto insurance vary from comprehensive coverage to
third party coverage.
Comprehensive coverage usually means that the automobile is fully
covered for all types of accidents. However, this is not always the case
and you need to carefully scrutinize the text of your policy before
signing on. Occasionally, even comprehensive coverage doe snot
cover certain types of risk like vandalism or certain acts of God.
Third party coverage on the other hand, while usually significantly
cheaper than comprehensive coverage has the drawback that the
holder has to normally self-insure.
Automobile insurance is perhaps the most prominent in this category.
The options for auto insurance vary from comprehensive coverage to
third party coverage.
Comprehensive coverage usually means that the automobile is fully
covered for all types of accidents. However, this is not always the case
and you need to carefully scrutinize the text of your policy before
signing on. Occasionally, even comprehensive coverage doe snot
cover certain types of risk like vandalism or certain acts of God.
Third party coverage on the other hand, while usually significantly
cheaper than comprehensive coverage has the drawback that the
holder has to normally self-insure.
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