Insurance-companies are firms that offers to underwrite losses for a client.
How do they work?
An insurance-company negotiates quotes with client to act as consideration to cover for risk of losing financially when an unfortunate event occurs. The prospective client will end up paying a certain amount of money annually. These payments are called insurance premiums.
You give accompany a $ 5,000 to your house worth $ 3,900 for a loss expected to be caused by fire. When the unfortunate happens and your house is razed down by fire: company A will indemnify you to pick up the pieces again.
Are you a prospective insurance client? Yes, you are.
All because you care about your well-being in the following areas.
You are not a prospective client though if: you afford to set aside $ 500 a month for emergencies . or by any chance your local authority does not require you to take up any insurance or you do not want to chase down indemnification from an insurance-company;
You and I face risk of all nature and all can lead to losses either to our body or financially.
Learn how insurance-companies really help.
Insurance companies cannot be replaced. These firms have specialized divisions that develop risk management strategies.
They are licensed by government to do all that pertains to risk management.
Insurance firms’ business model lends itself to:
Over $ 10m in sales? Huh, no!
It could be that insurance companies are making a huge killing from businesses could be banking over & 10m annually due to near zero claims, especially in;
(Source: Wikipedia. Filled under: Citations)
Founded in 1871, economical Insurance is one of the largest property and casualty insurance companies in Canada, providing home, automobile and commercial insurance products to over one million policyholders across Canada. Its head office is located in Waterloo, Ontario, with 17 branches and member companies across the continent providing service to policyholders and brokers. In Canada, Economical partners with approximately 900 independent insurance brokers who work with customers to assess their insurance needs and choose the right products and coverage.