What is the advantage for the all insurance ?
Answers:
Ask that question to all the people who have ever had their home destroyed by flood, fire, hurricane e tc. And to all those people who have had their car wrecked by another driver. I've been through a house fire and our Insurance paid out around seventy grand altogether, which is what it took to put us back "like it never happened" I used to groan every time those premiums came due each year. LOL not any more. I am only too glad to hand over that annual payment to an Insurance Company who was there for us when that moment came that you never want to happen, and often don't think will happen to you; but sometimes it does.
You may want to restate your question so that people can find the better answer for you. Do you want to know that advantages of having insurance?
There are no advantages of insurance per say, unless you are talking about 'Whole Life Insurance Policies' which increase in value over time. With respect to insurance in general, it is a form of risk reduction. Should you purchase a new car for $20k with getting property or liability insurance, drive off the lot and hit a telephone pole that happens for all on another car. The property protection aspect of the insurance will pay to have your vehicle fixed or the value payed to you or the financing company. The liability portion of the insurance will pay for any damages to the other parties and protect you from being sued and having to pay for the repair of the other car. If you did not have insurance, you would have to pay for these for these repairs with your own personal funds. In most cases, people don't have that level of money at their disposal to cure $10k in repair or $50k in damage as a result of an accident that you caused. This is the basis principal of insurance that will carry over to all types of insurance.
Insurance is a "Financial" vehicle/product. A product of indemnification. It is used to Put you in in the same place "financially" as you were before a loss happened. If it is Homeowners policy...then the proper policy will put you back into another home in the event of a covered loss. If it is Life insurance then the policy will pay your beneficiary or other debtors to prevent hardship on your family.
If it is Auto Insurance then with proper coverage it will put you back in a similar vehicle if it is totaled or The liability coverage we help you pay for damages to others and prevent you from being sued or losing your assets.
I could go on but hope this helps you understand it's Advantages.
insurance is like a spare wheel in your car...before you go for a long drive,don't you ensure that the spare wheel is kept right..in case of emergency you use it.
you are not sure when the spare wheel is required?but even then you make sure its available in case of urgency.
so even in life you are not sure whether insurance is required..but if you are insured its for your benefit.
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