FAQ's
Question 1
What exactly is insurance anyway?
Question 2
Why do I have to have it?
Question 3
Why is insurance so expensive?
Answer to Question 1:
Laymans terms - protection from a loss
Technical terms - indemnification - restoring you
to the condition you were in prior to a loss.
Sorry, it's not meant to improve your situation!
Answer to Question 2:
Most banks, lenders, vendors, associates, etc.,
want to make sure that they won't suffer a
financial loss if anything bad happens.
Answer to Question 3:
Many variables contribute to the costs of
insurance. These variables include return on
investment tools that insurance companies
place capital into, reinsurance costs (insuring
their insurance), frequency and severity of
large claims in a given year, and much more.
Property & Liability Insurance premiums are
cyclical in nature and will rise and fall according
to the factors mentioned above. On the other
hand, medical insurance costs will likely
continue to rise over time.
What exactly is insurance anyway?
Question 2
Why do I have to have it?
Question 3
Why is insurance so expensive?
Answer to Question 1:
Laymans terms - protection from a loss
Technical terms - indemnification - restoring you
to the condition you were in prior to a loss.
Sorry, it's not meant to improve your situation!
Answer to Question 2:
Most banks, lenders, vendors, associates, etc.,
want to make sure that they won't suffer a
financial loss if anything bad happens.
Answer to Question 3:
Many variables contribute to the costs of
insurance. These variables include return on
investment tools that insurance companies
place capital into, reinsurance costs (insuring
their insurance), frequency and severity of
large claims in a given year, and much more.
Property & Liability Insurance premiums are
cyclical in nature and will rise and fall according
to the factors mentioned above. On the other
hand, medical insurance costs will likely
continue to rise over time.