Simple Definition of Insurance - What is, Meaning and Concept

What Is Insurance ?

The term safe comes from the Latin Insurance and has various uses and meanings in the Spanish language. It is about what is true and indubitable , or that appears free of risk and danger . The word secure is used as a synonym for security or certainty .

INSURANCE
INSURANCE 




In this sense, it must be stated that there are many devices in our current society that have what is called insurance. It is a mechanism thanks to which they are prevented from working without the will of the person who uses them. This would be the case, for example, of weapons as they have insurance that prevents them from being accidentally fired causing damage and injuries to people, facilities or objects.



In this sense, for example, one can speak of safe sex , which refers to those sexual relationships where the health of those involved is not put at risk (when using a condom to avoid sexually transmitted diseases , etc.).



On the other hand, insurance is a contract through which a person pays a premium to receive compensation in the event of an accident or theft, for example. There are also life insurance , where the insurance company pays a certain sum to the relatives of the deceased.



In the same way, it is also common for everyone who has one or more vehicles to have car insurance. And it is that thanks to this document, and the corresponding payment of the fees that must be paid periodically, that individual is guaranteed the payment of the material disasters that his car may have due to an accident or any other type of fortuitous event.

In this field, the figure of the professional known by the name of insurance broker acquires a fundamental weight. It is an individual who works for an insurer in question and whose main function is to act as a mediator in the establishment and signing of the aforementioned contract between the individual and the aforementioned company.

In insurance contracts , there are reciprocal obligations and rights for the insurer and the insured. The intention of the insured is to obtain economic protection for their assets or for people who could suffer damages, while the business for the insurer is the collection of the premium.

The insurance contract implies the existence of an insurable interest (a legal relationship is established between an economic value and an asset; it is possible to insure material goods, such as a house or a car, and intangible assets, such as economic damage or loss of earnings) , an insurable risk (the possible, uncertain and future event that may cause damage to the insurable interest), a premium (the cost of the insurance) and the insurer's obligation to indemnify (when collecting the premium, the insurer is obliged to assume the risk and pay compensation in the event of a claim).

In addition to all the above, and to finish, we have to make it clear that there are many expressions that we use colloquially and that resort to the use of the term insurance that concerns us now. Thus, in particular, there is the adverbial phrase "on insurance", which is used to refer to someone who is going to venture to do something knowing that there is no risk involved.

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