Insurance - Who Needs It?
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Do We Benefit From Insurance, or is it a Necessary Evil? Why isn't insurance easily understood?
Let's examine public perceptions about insurance.
Insurance is an Intangible Item
An insurance policy is a piece of paper you hold in your hand, a contract, if you will. However, more important than black type on white pages, an insurance policy represents a promise. An intangible promise to pay for losses, a security blanket which allows many to sleep better at night.
Insurance is a Difficult Field, Full of Jargon.
There are hundreds of terms, policy types, companies, agents, adjusters . . .
It is easy to get confused as to who does what or what does who. Let's not get frustrated. With a calm, rational approach, we can see that insurance is a contract, a promise to pay in the event of a loss. All other items are supporting cast that fit in around the concept: sales and service, before and (hopefully never) after a loss.
If I Never Have a Claim, Have I Wasted my Money Buying Insurance?
Many folks feel that if they did not have a loss last year, they wasted their money buying insurance. However, the general principal of insurance is based on the law of large numbers - spreading the losses of a few among a larger number of exposures to loss. Insurance provides peace of mind, helps businesses obtain credit and financial stability, and generally helps our communities in preventing and recovering from losses.
Disclaimer: The brevity of this article prevents comprehensive consideration of all issues. The information contained herein should not be considered as insurance advice; such is expressly disclaimed. For specific matters, consult with your insurance agent.
Brandon Sutkowi, Personal Lines Manager
Meadowbrook Insurance Agency
I invite your questions and feedback
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Brandon Sutkowi |
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