An insurance policy is an agreement between you and an insurance company to protect you from unexpected expenses. You pay a small amount, called a premium, and if something happens, like an accident, the insurance helps cover the costs.
Key Parts of an Insurance Policy:
- Declaration Page: Your details and what’s covered.
- Premium: What you pay.
- Deductible: What you pay before insurance helps.
- Coverages: What’s covered.
- Exclusions: What’s not covered.
Types include health, car, home, and life insurance. When you need help, you file a claim to get financial support from the insurer. Insurance helps protect against big money problems!
