Kembara’s Financial Solutions - Insurance
In order to control financial risks, the financial services sector also includes insurance providers. The financial services industry comprises actions that are best categorized as risk management in addition to acting as a bridge between savers and borrowers. We all experience risk in our daily lives, and there are many examples of these hazards, including the danger of a car accident, the chance of a home invasion, and the risk of developing a major illness. By purchasing insurance from insurance providers, you can reduce your exposure to these and other hazards. For a series of premium payments, the insurance company will assume certain risks. The insurance provider will make a payment if the danger comes true. There are many different types of insurance, from "marine insurance," which covers the risks that large shipping companies' ships may sink or collide with rocks, to "life insurance," which ensures that, in the event of a person's passing, their dependents will receive a lump sum of money sufficient to pay off the mortgage loan on the family home. Vehicle Insurance Charlie, who is 21 years old, recently purchased his first vehicle, a used Volkswagen Golf with a high specification that is seven years old and costs £7,000. Before Charlie drives the automobile on the road, he is required by law to have insurance. He makes contact with an insurance provider, who offers him a rate of £2,400 for a one-year coverage that will pay out in the event that Charlie is at fault for an accident. Charlie enrolls, agreeing to pay a £200 premium each month, and begins to relish operating his brand-new vehicle on the highway.
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May 2023
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