Taken from Wiki, http://en.wikipedia.org/wiki/Insurance
"Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium. An insurer is a company selling the insurance. The insurance rate is a factor used to determine the amount, called the premium, to be charged for a certain amount of insurance coverage. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice."
What does this mean in plain English? Insurance companies are providing you with a promise. They promise to pay damages you may suffer up to an agreed upon amount, for an agreed amount of time, for a smaller payment in advance. Most insurance policies will have a list of exclusions you should be aware of, so you should have a trusted professional review your coverages with you.
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Jonathan S. Carroll, ASLI, CRIS
Bradley & Parker
320 S. Service Rd, Melville, NY 11747
O - (631) 981-7600
D - (631) 650-4034
C - (917) 376-0075
F - (631) 981-7681
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