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What is Insurance?

[dropcap type=”simple”]I[/dropcap]nsurance is all around us. Without it, the world would be a very different place. We have insurance to hedge against the risk of contingent losses.

So what is insurance? It is the equitable transfer of risk of loss from one person (you) to another (the insurance company). You pay the company a fee because it is ultimately taking the risk. This fee is commonly known as the premium. You can pay this fee as an annual lump sum or on a monthly basis.

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Information about saving on your premiums can be found on the how to save on insurance page of this site.

Insurance can be purchased for most things, such as:
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