I heard my friends talk about insurance. But what is insurance anyway? Well, insurance is something that protects you financially against a loss, which means that if something goes wrong, the insurance company will pay you. Well, what can be covered by the insurance?
Insurance
Anything of value can be covered by insurance. For example, a house, the contents of the house or whatever's inside the house, a car or someone's life. Also, piano players – since their fingers are very important – they can cover their fingers with insurance, and soccer players’ legs are very important so they can cover to their legs with insurance. Ha ha, that's funny! Anyway, how does insurance even work?
Insurance company
Well, you pay a premium or amount of money to the insurance company, so that the insurance company can pay you if whatever you have insured gets damaged, destroyed or stolen. You also have to file an insurance claim to let the insurance company know that something has happened. Well, is the insurance really expansive? It depends on what you insure and the kind of insurance.
Insurance for flooding
For example, home insurance that covers fire and theft won't be very expensive. But if you also add insurance for flooding in a coastal area or area around a river, it can become more expensive. Does the amount of money that you pay to the insurance company, or premium, change? Again, it depends on the kind of insurance that you have. Because in life insurance, the premiums usually will not change from one year to another if you have bought it for a long term.
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