What is the meaning of insurance?

India
December 25, 2008 3:12am CST
Hi friends, I have no idea about these terms like insurance, premium and so on. What is this? On the other day i got a call asking me to apply for health insurance. What are the advantages of any kind of insurance, anyone who knows about this, please do let me know. Thanks
1 person likes this
3 responses
@syang0901 (120)
• China
25 Dec 08
Insurance is to keep you feel safe. When you come across some damages and losses, it will help you out, at least give you and your family members supports on financial problems. Life insurance, accident insurance are the most commons. Besides, insurance also can include saving or investment as well. Different person need diffent insurance. Some need educational guarantee,some need medical guanrantee,some need pension,some need investment. If the unlucky matter is upon you, premium will give your family member. This is life insurance. Educational premium will be payed when the child reach the age of going to school. Premium on pension will be payed as you reach the age of retirement, etc. The cheapest insurance is about $20 per year. It's a accidental insurance of Allianz.
• India
25 Dec 08
Thanks syang to let me know what this term is. I am new to this term.
@bunnybon7 (37425)
• Holiday, Florida
1 Feb 09
health insurance means you pay a certain amount every month to insure you get Dr., medicine, and hospital services at a small rate. like i pay 99 dollars a month and instead of my meds costing me $400, i can go pick them up for 60 to 70 a month.
@suzzy3 (8357)
28 Dec 08
Insurance is a thing you can pay for almost anything,house,house contents.car. health.You pay a certain amount every month and if your house burns down.you get flooded or something awful happens to your possessions you can claim on your insurance policy,It is a like a safe guard just in case something goes wrong to replace your house ,your car,pay medical bills ect.It is like a savings plan,you might never need to claim,Premiums are an amount you pay.You must understand the policy and only insure for what you need,otherwise something might happen and you are not covered and will not be able to claim.Claim is a term that they use for when something does happen and you need money from your policy,them you make a claim. Never insure your self for more than you can afford as it is money down the drain,always read the small print to make sure it is what you need.Premiums money paid every month or week is not refundable except for when you make a claim.I hope you can see what I mean.