How The Insurance Industry Works?
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Insurance is a very old industry. It is actually deep rooted into culture. Insurance is a small amount of money that is given to the community, and there’s what we call a risk Pool and the money is collected in that pool of money. That pool is then used to PAY OUT if anyone falls sick, if they pass away, when they retire, when the kids go to college. That pool is used to pay those moneys out. The insurance company’s job is to PROTECT that pool. Because there are a lot of people who would try to defraud, so they would find a way to make money from their pool, rather than understand that that pool is for the WHOLE COMMUNITY.
But that’s what insurance does. Insurance is a manager of that pool of money which gets used to pay out to people who need it. But there are people out there that try to DEFRAUD that pool, and that’s where investigation comes into play. So insurance companies would investigate claims that they feel are not genuine. And that’s why the most important thing when it comes to insurance is Understanding the Documentation, Understanding what is covered, what is not covered, and trying to sit down with the PROPER Financial Adviser or Intergenerational Planner that will be able to guide you on what type of insurance is to buy.
Insurance is a business that is based only on one thing: Pay off premiums on time to make sure that you are covered for eventualities. And there are 4 primary eventualities that you should be covered for:
Number one, in case you pass away the family needs income protection.
Number two, in case you fall ill, the family needs income protection.
Number three is if you’re when you retire you want to make sure that you have a steady flow of income.
And number four is when your kids go to college you might as well have some money on the side because you will need to pay for it.
There are other types of insurances like Medical Insurance, Car Insurance, Travel Insurance. These are what we call Non-Life Insurances. These insurance policies work on the same principles, but the only difference is: “The probability changes”. So the premium that you pay is the probability of something going wrong. If your premium is higher means you have a higher probability of something going wrong. Please understand that!.
So if you do have questions. Sit down with the Intergenerational Planner or Financial Adviser and get yourself more details. But the Insurance Industry is here to protect you, and that’s what they do BEST!.
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