What Is It?

The concept of insurance goes back to the days of the Romans, but it wasn’t formalized until the 18th century. Essentially, it’s a means of spreading financial risk among a large number of people who pay into a fund or pool. In this way, the cost is minimized for those who suffer an unexpected misfortune.

Insurance is a way to protect yourself, your survivors and dependents against financial hardship. An insurance contract or policy is a legal agreement between you and an insurance company that guarantees a benefit payment.

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