Health insurance is a contract by which an insurance company agrees to cover all or part of your medical expenses in exchange for a monthly premium.
If you are young, healthy and happy, your monthly premiums may exceed the cost of your insurance.
If you (or a member of your family) have recurring illnesses that require medical treatment or occur, are injured or become ill in an accident, you may incur medical expenses that you cannot pay.
The simple answer is everyone. Health insurance covers minor and major illnesses, including surgery and treatment of life-threatening illnesses and debilitating conditions.
Insurance coverage is the amount of risk or liability that an individual or entity assumes through insurance services. Insurance coverage, such as auto insurance, life insurance — or more exotic forms like hole-in-one coverage — is issued by the insurance company in the event of an unforeseen event.
Insurance is a legal agreement between the insurer and the insured, also called coverage or policy. The insurer provides financial protection for losses that the insured may sustain under certain circumstances.
The goal is to reduce financial uncertainty and make unexpected losses manageable.
It replaces the payment of a known small sum – the premium – to a specialist insurer in exchange for taking the risk of a large loss with a promise to pay if such a loss occurs.
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