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Research Personal Finance: Insurance

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Are You Insured?

Insurance Definitions

  • There are many types of insurance - Medical, Dental, Eye, Auto, Home, Personal Items, Life, Pet, Boat, RV, Motorcycle, etc
  • In a nutshell, you make payments to a company to ensure your goods and property are restored in case of an accident, loss, etc
  • Form of Risk Management
    • The less risky you are the higher your insurance will be for each item
  • Deductible
    • The amount you must pay out of pocket before your insurance company will contribute
    • The higher the deductible the lower your monthly payment
  • History
    • The longer history you have with a company, and the longer it has been since you had to file a claim, the lower your monthly payments will become