What is insurance meaning, what is insurance industry. it's policy and claim for loss of use of motor vehicle ::===> 

What is insurence, how insurence company planing policy and work for you.

Let's know insurence information about how Insurance.

Insurence meaning :

 So you want to protect yourself in case you cause an accident some sort of liability that you could be sued for or you could be responsible for that's what insurance is. So the way it works is you insure yourself or you protect yourself against three different things with on. 

It's liability. So anything you're liable, if you hurt someone or damage them or anything that you yourself are responsible for you cause an accident or you cause the occurrence then there's property damage.

 If you damage their house their car the the shed in the side you scrape it or you hit the mailbox. That's their property that's called property damage. And then there is another part which is medical that covers yourself. So if you get hurt because you caused an accident. 

Or something happen or just someone hit you and took off right? Those are the three parts to Insurance the way that that works is you purchased from a company State Bar. Most a progressive Geico all those guys right you you call them up and you purchase the insurance to cover what you feel you want to be protected for now. 

Yes with auto insurance and if you have a loan on the house, then that type of insurance is forced on to you because you can't afford. Toward the house or the car. They want to protect their assets. So they're going to make you purchase a specific coverage for that insurance auto insurance because all of us drive most of us drive in the world. 

If you wanting to be probably Drive unless you got in trouble, then you can't drive otherwise watch my other videos on you know, getting suspended licenses and lapses and stuff like that. But anyways, the point of that is when you have insurance you are. 

Are technically forced with auto and home if you have a loan on the house, if you don't have a long the house, you're gonna be crazy not to have the insurance. But yeah, if you've got millions of dollars and you have a hundred thousand dollar house sure, why not take the risk, right? 

The problem is you aren't just ensuring the physical item. You're not just ensuring the physical car the physical house you're ensuring the liability. 

That's the most important part of it insurance companies aren't so focused on the car and the house and the items that you're ensuring because they know what the value is they can determine if your 10% that's going to have an accident in your car is worth $20,000.

 You're most likely to have a five thousand dollar claim within the next 20 years, right? They can determine that and may have you pay accordingly so that they make a little bit of money on top of it.

 So your biggest thing with insurance is your ensuring your liability the risk if I hurt you if I damage you if I do something wrong and it's somehow comes back to me and it's my fault. Then I am going to purchase an insurance policy that will protect me so When you come at me, you're going to go this way at your insurance company. Not at me.

Insurance industry :

It's going to protect my assets my income my livelihood. Okay, so that I can still retire and I'm protecting myself. That's the point of insurance. Now keep in mind insurance companies are not govern eyes.works.

They they're not. Let me let me back up when I say that they aren't there govern eyes as far as like the rules and restrictions, but they're still accompany their job is to make money if you want to learn how insurance companies make money. 

You might think of five right now, but if you really sat down and looked at all the insurance companies, there's tons of them and then you have your agencies and your agents and your exclusive agents in you direct models. There's tons of different types of insurance in the thing. 

Insurence company :

There's so much competition that the value of the prices that they're trying to make are very low so they got a very strict. That's why when you sit down and call it Church, you're calling three four five different companies because these companies are fighting for your business, but other companies don't want you don't you know, 

you don't fit their guidelines sure, we'll do it, but we're going to charge you three times as much that's why if you're in Michigan you call up a company. It might be three four. Five ten times as much I've heard I've seen I've done One of quoted Going to try to $10,000 quote, you know, and it's crazy, you know, he's cream to this $4,000 a month, you know, it's like what it's just the way they want it you don't fit the guidelines. 

They'll still unsure you but because at higher risk for them, they're gonna make you pay that much more essentially the goal of insurance. 

The point of it is the insurance company is trying to have you pay just a little bit more than the risk that you're taking so their wedding or gambling so to speak You won't have a claim and if they do they're going to assume that with your that person that fits in let's say that 10-year period where the average 25 year old is, you know has no tickets. 

No suspensions know anything within that 12-year period they're going to have one accident is going to cost about $3,000 an average. They know that so they can accordingly bid the cost of your insurance based on that. Now when you have that accident, here's where a lot of people don't like insurance. 

You've changed the risk that you're in you've gone from here, which is a lower risk and brought yourself up to here because you boom hit now. We know you're 29 years old, right and the average 29 year old that has had one accident. It's likely going to have within the next 12 years to more accidents. I'm not saying that's what it is.

 That's just an example. So now they're going to read your insurance based on that. They're not just doing it just to hit you because you've it's all numbers. They're just playing the numbers game. It's like sitting down at the casino. 

And playing roulette, right? You know that if the ball rolls on that you got a chance to get in that it's just the way it is. That's the primary way Insurance works if you're new to insurance and you just want to learn the basics of it got another video up here. 

It's Insurance 101 that will walk you through the different coverages what you select what income levels need to be in all. Know how Company Works. How do you think your specific agent or company is treating you.

More FAQs.

What is the insurance industry? Or

What is insurance in simple words?

An insurance is a legal agreement process between an insurer which provides  insurance facility (insurance company) and an insured, who want to get cover of loss(individual), in  this process an insured receives financial add protection from an insurer for the losses he may happen in life under specific circumstance.

car insurance lawyer meaning, what is.