So What IS Insurance, Anyway? And Is It Really As Fun As It Looks on TV?
We all buy it. We know we need it. But do we really know what it is?
The official definition according to Merriam-Webster dictionary is: “coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril”
I know… blah, blah, blah… A talking lizard is much more fun.
Remember it this way: You buy a policy from an insurance company. (And contrary to what many perceive… that policy IS a legal contract). That policy TRANSFERS YOUR RISK FROM YOU TO THE INSURANCE COMPANY- per those pesky little policy terms, of course.
Simply put, it’s purchased protection against the potential calamities of life… and death.
Yeah… blah, blah blah, BLAH BLAH!!! Stay with me…
Even as an agent, I have many days I’d rather be doing things that are a hell of a lot more fun than dealing with insurance.
Is insurance “FUN”? Some TV and radio ads would lead you to believe so. Frankly, I think chomping on shards of broken glass might be more enjoyable.
It really, truly is one of the driest and most boring subjects to discuss over a nice dinner (don’t even try it, especially if it’s your first date). BUT, just like death and taxes, it’s inescapable. At least for most of us. There are a few exceptions, but I don’t want to talk about religion and politics.
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