THE FINANCIAL FREEDOM SERIES

2 mins read

DID YOU KNOW THAT WITHOUT INSURANCE YOUR BANK ACCOUNT IS JUST ONE BIG PROBLEM AWAY FROM N0.00 BALANCE ?

WHAT YOU NEED TO KNOW ABOUT INSURANCE (1)

Problems are inevitable in life, it is what teaches us to be stronger, but sometimes certain problems will arise, that neither us nor our family members will be able to solve, what then do we do in this situations?

This is where Insurance comes in.

A lot of us especially as Nigerians must have heard the word insurance but we barely understand what it really means, follow this article to add more to your wealth of knowledge.

According to Wikipedia, Insurance is a means of protection from financial loss.

It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.

An entity which provides insurance is known as an insurer, insurance company, insurance carrier or underwriter.

In lay man terms, insurance is an arrangement in which you pay a certain amount of money to a company (insurance company) and they pay money to you if something unpleasant happens to you or whatever you insured, for example if your property is stolen or damaged, or if you have a serious health issue.

The purpose of insurance is to reduce the risk exposure of whatever you insured to the effects of certain mishaps or disasters that may happen.

Basically, insurance provides the insured with the incentive to undertake cost-effective risk control measures and these incentives are provided through risk-sharing mechanisms such as deductibles, premium credit incentives, and contractual requirements.

THERE ARE VARIOUS TYPES OF INSURANCE , SOME OF WHICH INCLUDES:

  • Life Insurance

  • Health Insurance

  • Disability Insurance

  • Property Insurance

  • Marine Insurance

  • Fire Insurance

  • Liability Insurance

  • Guarantee Insurance

  • Social Insurance

In my next article we will talk extensively on each of these insurance, how they work and why it is important for everyone to have it.

Don’t forget to like, share and comment on this article.

Thank you.

Written by Irabor Peace “Poria”

I am a Lover of Life, I create captivating and Eye-Catching content, I preach humanity and I love to help people become better versions of themselves. Feel free to reach out to me on any of my social media platforms.

P.S: I LOVE YOU.

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