Finding The Right Insurance
Insurance is the act of covering or protecting something whose loss closely relates to financial loss to the owner. In order to have an insurance cover, you need to visit an insurance company, also known as the insurer or the insurance carrier. In such a case, you are thus known as the insurance policy holder or the insured. The agreement between you and the insurer is known as the insurance cover or the insurance policy.
The insurance policy gives detailed information on the conditions under which the compensation would be made in event of occurrence of the risk against which the cover is taken. Both of you are therefore required to observe certain principles of insurance such as the principle of utmost good faith that requires you to give all facts about the property insured, the principle of insurance interest, the principle of indemnity that requires the insured’s financial position before the loss is restored, among others.
In certain time intervals, mostly monthly, you will be required to pay some fixed amount of money to the insurer to maintain the policy. The value of such amount of money, also known as the premium, depends of the value of the property insured.
In the event of occurrence of the risk, a claim is submitted to the insurer for processing. You may fill the claim directly with the insurer or through agents or brokers who will in turn take it to the insurer. The investigations of each claim received by the insurer are done by the adjusters, composed of members of staff employed by the insurer.
There is a wide range of types of insurance covers you can take, based on the fact that any quantifiable risk can be insured. Some of them include property insurance, auto, liability, life, health, burial, income protection, casualty insurance among many others.
After compensation, any remains of the damaged property are taken and owned by the insurance company.