Let’s talk about insurance today. So, what do we know about insurance? Some say that it is some kind of savings and some say that it is some kind of protections. In law and economic terms however, insurance is defined as some kind of risk management, giving you the opportunity to hedge against the risk of losses. Under normal circumstances, such risk of losses would be transferred to another party in exchange for premiums.
In all honesty, I really do not give a damn about insurance in the past. Well, at least not until I had a nasty car accident a few years back that totally wrecked the rear part of my car. The accident was not really my fault and I was quite lucky that the subsequent police investigation into the crash had cleared me. I was dead broke at that particular time and got no savings at all! If not for my car insurance, I might have big problems in sending the car for major bodywork then. I’m thinking of buying my very home some time soon and after that horrid experience with my car, I will make sure that my home investment is well insured on some big fat house insurance from top to bottom. :-)
Even if you are planning to go on a short vacation on some foreign countries somewhere, it would be wise to take up an insurance cover. Many people did not know this but you can actually find some short-term and cheap travel insurance from major insurance companies. Check it out if you do not believe me. :-)
Don’t play a fool with life, folks. Life is full of surprises here and there. Please make sure that you are well covered!
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