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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.


@RochelleDLV Was with my friend last night and a stranger asked her if her hair was real
Multiple travel legs of my vacation are being canceled due to coronavirus but @cathaypacific won’t give me refund.… https://t.co/mUwMU8bwfo
@CapitalOne I'm abroad so I cant reach you via phone. Do you have an email address or can I get help via Twitter??
When you have Dutch friends https://t.co/47Zgnuu9t0
When you have Dutch friends https://t.co/47Zgnuu9t0
@opodo whats the point of having FB messenger support if you never connect to an agent and just times out and send… https://t.co/4q6SfovbTv
@opodo whats the point of having  FB messenger support if you never connect to an agent and just times out and send… https://t.co/4q6SfovbTv
what’s a good mid-priced PC laptop? Ideally for people who work in finance. I’ve never owned a PC so I have no clu… https://t.co/ZcFsGPiVue
Mijn droomcombinatie: Rosalia & Kali Uchis ❤️
RT @coreyspowell: This is the sharpest movie of the Sun ever made. Even at this fine resolution, the scale is enormous; each plasma cell he…
"Homecoming" by The Teenagers came on shuffle randomly today. I can't believe I casually listened to this as a 15 year old.
RT @RepKatiePorter: The head of @USOCC said in the press that anyone who doesn't like his proposal to water down a major anti-discriminatio…
@Delta Just for the people following this is the perpetual shit circle that is @Delta third time today they have as… https://t.co/W3Pb9SFt8C
@amanda_myers @Delta That’s a shame. I’m sorry to hear that :/ I hope they see this now and can amend
@Delta It’s really not worth doing this again as you will just tell me the same thing. THANKS FOR DRAINING MY BANK ACCOUNT.
@dontwakeyuno @Delta Was in the same boat. I feel for you! I don’t understand how these airlines can make a huge me… https://t.co/OEdl4fPszY
@Delta Also, 3. $30 for the taxi to the only hotel I could book at 4am. 4. $ 60 dollars in international phone char… https://t.co/6cZX26mpVv
@Delta Thanks for the 150 voucher I’ll never use since I’ll never fly delta again. What you can do is refund me for… https://t.co/Lgok4QkOO5

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