Insurance surrounds each of us every day: When you get in your car, when you come home to your residence, and while you work. Insurance is always in the background discreetly doing its job. Most of us, however, do not think about it much or realize the very important function that all types of insurance provide. In fact, the role of insurance is so important that it is the focal point of a wise financial strategy.
So what is insurance? Technically, it is the process of “risk transfer”. When someone wants to be protected from a certain risk, they buy an insurance policy to reimburse them in the event the risk occurs.