Finance, Insurance

Insurance 101- The Learning Curve Series: What is Insurance Anyway?

Think of Insurance as a pool of money that is available to scoop up if certain events occur. Those Events or Perils are in an agreement called the Insurance Policy. The Insurance Policy is a Ccontract that is unilateral (one sided) and is written by the Insurance Company.

You the Insured agree to this Contract and the provisions written in it, does this means you should read the policy?  YES please read your policy as that is your agreement and the obligations for both parties are spelled out in detail.

When you have questions call your agent, a good agent is an advocate for you and the Insurance Company if you have an issue of concern.