Wikipedia defines Insurance as a means of protection from financial loss primarily used to hedge against the risk of a contingent, uncertain loss.
Further more its states clearly that “An entity which provides insurance is known as an insurer, insurance company, or insurance carrier. A person or entity who buys insurance is known as an insured or policyholder”.
Like the definition of the word INSURANCE, meanings come from different and various ways and type of insurance we have in our world of today..
HEALTH INSURANCE, AUTO INSURANCE, HOUSE INSURANCE, To name but a few.
A dictionary will define insurance as simple as a primary cover used to provide financial protection against physical damage, lnjuries or loss of properties resulting from health hazards, auto accidents, fire outbreaks and alot more causes.
With Insurance shemes on the above mentioned, every liability that could also arise there from gets covered.
The specific terms of auto insurance, health insurance, house insuarance and alot more insurances available vary with legal regulations from different parts of the world.
With strong reason that insurance covers truth in actions and not delibrate damages created by individials with bad intentions to get these said fees or replacements from the various insurance firms.
Now the question to this very post comes thus.
1. How good are insurance shemes?
2. Of what use are insurance schemes?
3. Should people truly get covers for the real deal?
4. When delibrate damages occur, what do you suggest the insurance firms do?
Please make your conteibutions as your answers in the comment section will be featured in a post on the said topic on a future post to be published here on leXHansplaCE