What is an Insurance?
Agreement: You make an agreement with an insurance company. You agree to pay them a certain amount of money regularly, called a premium.
2. Protection: In return, the insurance company promises to help cover specific types of financial losses or damages. These might include things like car accidents, health issues, property damage, or even death.
3. Claims: If something bad happens that is covered by your insurance policy (like a car accident or a house fire), you file a claim with the insurance company.
4. Compensation: The insurance company then assesses the situation and, if everything checks out, they will pay you money to help cover the costs associated with the loss or damage. This payment is called a payout.
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