allkpop (@allkpop)

What is insurance?

What is insurance? Insurance is a contract between an individual (the policyholder) and an insurance company. This contract provides that the insurance company will cover some portion of a policyholder’s loss as long as the policyholder meets certain conditions stipulated in the insurance contract. The policyholder pays a premium to obtain insurance coverage. If the policyholder experiences a loss covered by insurance, such as a car accident or a house fire, the policyholder files a claim for reimbursement with the insurance company. The policyholder will pay a deductible to cover part of the loss, and the insurance company will pay the rest.

When you buy an insurance policy, you’re pooling your loss risk with the loss risk of everyone else who has purchased insurance from the same company. If you get your homeowners insurance from State Farm, which sells far more homeowners insurance policies than any of its competitors, you’re joining forces with millions of other homeowners to collectively protect each other against loss. Each homeowner pays annual premiums; State Farm collected more than $39.593 billion in earned premiums in 2016, according to its annual report.


EXO's Kai is a unique 'Gucci' muse in 'GQ Korea' https://t.co/ndRQmAkeYX https://t.co/JxgS4JFEcH
EXO's Kai is a unique 'Gucci' muse in 'GQ Korea' https://t.co/ndRQmAkeYX https://t.co/JxgS4JFEcH
Rookie girl group 3YE releases dramatic short MV teaser for comeback single 'Queen' https://t.co/vPvUiTR0Po https://t.co/LlMgL4HY31
Rookie girl group 3YE releases dramatic short MV teaser for comeback single 'Queen'
https://t.co/vPvUiTR0Po https://t.co/LlMgL4HY31
TREASURE's maknae line brings out their refreshing visuals in blue for 'Editorial vol.4' https://t.co/OMwDhE7ZgO https://t.co/TEQ7EHGSAy
TREASURE's maknae line brings out their refreshing visuals in blue for 'Editorial vol.4'
https://t.co/OMwDhE7ZgO https://t.co/TEQ7EHGSAy
SM confirms EXO's Suho is preparing to debut solo https://t.co/VUMY6tCXAH https://t.co/sZgc25CFLJ
SM confirms EXO's Suho is preparing to debut solo
https://t.co/VUMY6tCXAH https://t.co/sZgc25CFLJ
IZ*ONE member Kim Min Ju's label warns legal action against malicious rumors https://t.co/TktZVVgtjF https://t.co/aObaLUJMbW
IZ*ONE member Kim Min Ju's label warns legal action against malicious rumors
https://t.co/TktZVVgtjF https://t.co/aObaLUJMbW
Jang Sung Kyu revealed to be recovering from a lip injury, unable to carry out radio broadcast for the next few day… https://t.co/QrVJfp0Kqo
Jang Sung Kyu revealed to be recovering from a lip injury, unable to carry out radio broadcast for the next few day… https://t.co/QrVJfp0Kqo
2PM's Wooyoung will be discharged from his mandatory service at the end of this month https://t.co/Rd4iAPydyF https://t.co/g6VRLQmqxm
2PM's Wooyoung will be discharged from his mandatory service at the end of this month
https://t.co/Rd4iAPydyF https://t.co/g6VRLQmqxm
Rowoon & Kim Hye Yoon of 'Extraordinary You' reunite for a heart-fluttering pictorial on the cover of 'High Cut'… https://t.co/LwDumQiyDX
Rowoon & Kim Hye Yoon of 'Extraordinary You' reunite for a heart-fluttering pictorial on the cover of 'High Cut'… https://t.co/LwDumQiyDX
FNC Entertainment to debut their first dance boy group in 4 years since SF9 https://t.co/fgnm4MmuOF https://t.co/RZFvgsl2DK
FNC Entertainment to debut their first dance boy group in 4 years since SF9
https://t.co/fgnm4MmuOF https://t.co/RZFvgsl2DK
BTS to preview 30 seconds of their comeback title track 'ON' exclusively on TikTok https://t.co/99BEYRdglP https://t.co/Qk1jmx3jCG
BTS to preview 30 seconds of their comeback title track 'ON' exclusively on TikTok
https://t.co/99BEYRdglP https://t.co/Qk1jmx3jCG
TOP Media's new boy group MCND releases icy new teaser photo for debut album 'Into the Ice Age'… https://t.co/IJwiTwjgSM
TOP Media's new boy group MCND releases icy new teaser photo for debut album 'Into the Ice Age'… https://t.co/IJwiTwjgSM
[Concert Recap] Stray Kids' 'District 9: Unlock' Concert in LA https://t.co/mRqOHDeWMr https://t.co/vrJpd2ZcqV
[Concert Recap] Stray Kids' 'District 9: Unlock' Concert in LA https://t.co/mRqOHDeWMr https://t.co/vrJpd2ZcqV
Pre-orders for upcoming BTS album 'Map of the Soul: 7' surpass a whopping 4 million copies https://t.co/1L8H1xw7VE https://t.co/hn0OJ2CbCG
Pre-orders for upcoming BTS album 'Map of the Soul: 7' surpass a whopping 4 million copies https://t.co/1L8H1xw7VE https://t.co/hn0OJ2CbCG
[UCC] BTS V takes fan's request to recreate an adorable picture with Tannie and trends worldwide… https://t.co/9KqtG1RrbV
[UCC] BTS V takes fan's request to recreate an adorable picture with Tannie and trends worldwide… https://t.co/9KqtG1RrbV
Samsung Electronics officially announces partnership with BTS https://t.co/N7wyxf03cE https://t.co/hxr2Ko5dtq
Samsung Electronics officially announces partnership with BTS https://t.co/N7wyxf03cE https://t.co/hxr2Ko5dtq
Rookie idol ANS's Bian stuns netizens with her gorgeous doll-like visuals https://t.co/7CdzhcLSQ6 https://t.co/WFhy4CE3JL
Rookie idol ANS's Bian stuns netizens with her gorgeous doll-like visuals https://t.co/7CdzhcLSQ6 https://t.co/WFhy4CE3JL
[Album and MV Review] KARD – 'Red Moon' https://t.co/DKzh0l437o https://t.co/ZjmyezKZcT
[Album and MV Review] KARD – 'Red Moon' https://t.co/DKzh0l437o https://t.co/ZjmyezKZcT
Weki Meki's Suyeon opens an official Instagram account https://t.co/2L3WYhyVZL https://t.co/JksME2nFUR
Weki Meki's Suyeon opens an official Instagram account https://t.co/2L3WYhyVZL https://t.co/JksME2nFUR
LOONA's Go Won cracks fans up while being misheard saying 'WTF' https://t.co/cLY6dmgSpR https://t.co/XiVSB4EJ1K
LOONA's Go Won cracks fans up while being misheard saying 'WTF' https://t.co/cLY6dmgSpR https://t.co/XiVSB4EJ1K
Six years after her retirement, Ice Skating Queen Kim Yuna is utter perfection in a photoshoot for New Balance… https://t.co/ss8UkkO2mW
Six years after her retirement, Ice Skating Queen Kim Yuna is utter perfection in a photoshoot for New Balance… https://t.co/ss8UkkO2mW

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