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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
