User talk:Jim Brian

How Insurance Works
1. Insurance cannot prevent something bad from happening. But it helps us recover financially if something does happen to something we value.

2. When you buy insurance, you pay a premium. Your premium joins a pool of premiums from other policy holders. The money from this pool is what is used to pay your claim if the insured event occurs.

3. Once you lodge a claim, depending on the type of policy you took, the insurance company will come in and assist through rebuilding/repairing, replacing, providing cash settlement or any other form of compensation as per policy agreement.

4. Insurance Companies also need insurance to be able to cover the risks they have insured, this is called Re-Insurance. Jim Brian (talk) 12:22, 31 May 2023 (UTC)

Why Insurance Matters
1. The main reason for buying insurance is for protection, especially for your loved ones. Life is unpredictable and in as much as we plan, life tends to throw us unexpected events that can leave us financially worse off.

2. For most people, insurance is unexciting and especially when you are paying premiums without seeing any tangible benefits. It therefore human nature to seek more exciting financial products like investment where you can see your money grow.

3. Insurance is a critical part of financial planning that ensures the investments you are making are protected. Insurance ensures you won’t have to pay the full cost of a loss. Jim Brian (talk) 12:25, 31 May 2023 (UTC)