Insurance- why should you go for it?

Insurance is a form of risk management. It can be defined as the transfer of a risk to an insurance company in exchange for a premium paid by the insured at regular intervals. Insurance is useful both for the insurer and the insured. The insurer earns profit by investing the money of the insured and getting returns on it. The insured, on the other hand, has the security of the sum assured which he will earn at the end of the insurance term.

In United Kingdom, you get insurance products like motor insurance, home insurance, pet insurance, life insurance, travel insurance, health insurance and business insurance etc. motor insurance covers both the driver of the car and the car itself. Health insurance covers medical bills incurred due to illness or accidents. Travel insurance covers certain losses such as medical expenses, loss or theft of personal belongings while traveling, traveling delay etc. pet insurance will cover your pet's medical expenses, loss or death. Home insurance covers your house and in some cases its contents. Damages arising due to natural calamities like earthquake, floods etc are excluded. You are also not supposed to get the assured sum when the damage caused was an 'act of god' or a result of war. Business insurance covers losses that you may incur in your business.

The type of risk involved to the risk determines how much will be the premium. For example, if you have bought a home insurance and your house is in good shape and situated near a fire station, the insurance company will charge you lower premiums. Risk factor therefore determines the premium amount.

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