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:
- Travel and luggage for both individuals and families
- Cars and trucks including utes
- Life, including mortgage protection
- Health – also known as medical insurnace
- Boat – also known as marine insurance
- House and contents
- Commercial property and cashflow protection
- Motorcycle – includes touring, classic, sport bikes and scooters
- Caravan and trailers including motorhomes