Insurance is a mutual agreement or a policy that an individual or a business purchases
from an insurance company by paying premiums on a monthly, quarterly, or yearly
basis. In return, the insurance company provides them financial protection or reimbursement
against losses in the future (based on the terms and conditions of the policy agreement).
There is a multitude of different types of insurance solutions available in the
market. The most common types of insurance policies include life, health, fire,
motor, travel, and automobile insurance.
When choosing an insurance solution, you should pay attention to details like the
insurance premium, policy limit, and claim process. Enquire about any deductions
or terms and conditions required for claiming the benefits of the policy. Understanding
these points will help you choose the insurance policy that best suits your needs.