What Is Insurance?

Well one way to look at insurance is a product that you want to have when you need it rather than a product you wish you had when you discover need to have it.

The very dry way the dictionary defines insurance is:

in·sur·ance / Noun:

1. A practice by which a company provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment...

2. The business of providing such an arrangement.

Insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer, or insurance carrier, is a company selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy. The amount to be charged for a certain amount of insurance coverage is called the premium. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.

The transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate (indemnify) the insured in the case of a financial (personal) loss. The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated.

When considering your need for insurance products for your family, home or business I’m sure you would rather have a friendly and knowledgeable person who cares about you and your families needs when it comes to working with and understanding all of your insurance needs.  The Bennett Insurance Group is the place and has the people to fulfill that for you.  Consider contacting Bennett Insurance Group at 623-979-4140

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Bennett Insurance Group
623-979-4140
http://jimbennettinsurance.com
jim@jimbennettinsurance.com