What is insure?

Answer 1

Deposits in a savings account in a federally recognized banking institution are insured by the F.D.I.C. (Federal Deposit Insurance Corporation). Piggy banks hidden in a closet do not count. :-)

Answer 2

Sort of like a bet. For example: life insurance, the company bets that you will live to the normal life expectancy, you bet that you wont. If you die young, you (your inheritors) collect a large amount while having paid little, therefore "you" win. On the other hand if you live a very long time, you will have paid a lot, and the amount collected will be worth less than it did when you first took the policy, therefore "they" win.

For other kinds of insurance, like home, auto, renter's insurance, you are paying for protection against risk. You pay the insurance company to protect you against the risk of loss due to damage to your car, for example. You continue to pay even though you aren't experiencing any accidents, because you are still subject to the 'risk' of accidents. Actuarial experts help insurance companies figure out how to balance protection against risk with held reserves to make large pay-outs, and with the need, of course, to make a profit. With this kind of insurance, a risk must exist in order for the company to legitimately charge a premium. If there is no risk, or if the risk ends, there is no contract and therefore no insurance in force.

Life insurance is exactly what is says. If you a loved one whom is the primary wage provider or a key business partner? The lose of this income or business contribution could mean a great loss financially. To protect your assets, business and or most importantly, your family? One gets "insurance" against the possibility of the risk.

As respects one personal belongings, our home, cars and etc.? "Insurance" provides protection against the risk of loosing these belongings due to unforeseen circumstances.

Finally, insurance can be selected for terms or periods. In the case of life, one can choose life long or "whole life" or temporary or "term" 10,15,20,or 30 years. As respects personal property? Policies to cover our autos can be 6 to 12 months. Our homes can be covered for the term of our mortgage if desired?

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Answer 3

It is a system of risk management. You pay a small amount of money every month for a large amount of coverage so you would not have to pay for large losses by yourself. Lets say you pay $400 a month for home insurance coverage on your home worth $150,000. You are only paying $400 a month for coverage if something happens to your home that is covered by the policy. If your home burns down, you wouldn't have to pay $150,000 to rebuild it. You would only need to pay your deductible, which is usually 1% of what the home is insured for.

Answer 4

Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients' risks to make payments more affordable for the insured. Insurance policies are used to hedge against the risk of financial losses, both big and small, that may result from damage to the insured or her property, or from liability for damage or injury caused to a third party.

Answer 5

a practice or arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium

Answer 6

This word is not spelled correctly and I can think of at least 3 words that are close in spelling.