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Insurance Policy

In: Business and Management

Submitted By tiki123
Words 7966
Pages 32
INTRODUCTION
Imagine you’re 60 years old. You’ve spent your entire life slaving away in order to buy the house in which you and your family live. It is your beauty, pride and joy. Your numerous years of hard work have paid off and you have been able to live a comfortable life in the suburbs of Ottawa, with plenty to eat and enough to entertain. Then one day, just as you’re getting back from work, as you’re pulling into your driveway, you find in utter horror, that your entire house is in ashes, smoke still drifting from the remaining pieces of wood. What despair and sadness! All that hard work would have gone down the drain since you would now have to start all over again in order to buy a new house.
But then imagine not having to lose it all. Imagine having the option to call someone who can provide you with a large part of the money necessary to rebuild your house, as this was part of a financial agreement in case of such emergencies. What a relief! This is the essence of insurance.
Insurance is a financial security that offers reimbursement for assessed risks that end up actually happening. In exchange for such coverage, the insured individual has to pay a regular premium. Though this reimbursement won’t bring back the individual’s burnt-down house or stolen car, it does offer options and choices with regards to dealing with the situation. It gives the individual peace of mind in knowing that should any danger arise, there will always be a way to overcome it. Without insurance, all loses sustained become unrecoverable, the owner loses it all, and has to replace it using more money from his or her own pocket. However, with insurance, this lose is less painful. The insurance company will pay for a large part of the loss.
Though this concept of insurance is pretty straight-forward, it can seem pretty challenging to different people. As a consequence, it is...

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