What Insurances?

Insurance is one of the most important aspects of sound financial planning and is the foundation for providing protection for yourself, your family or your business. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium. The fundamental concept of insurance is that it balances costs across a large, random sample of individuals. An operational definition of insurance is that it is the benefit provided by a particular kind of indemnity contract, called an insurance policy, that is issued by one of several kinds of legal entities called an insurer, in which the insurer promises to pay on behalf of or to indemnify another party, called a policyholder or insured. The insured is then protected against loss caused by those perils subject to the indemnity in exchange for consideration known as an insurance premium.
There are many types of insurances to cover various contingencies. Home insurance is an insurance policy that covers your house, the garage, other related structures, and also personal possessions inside the home against damages caused by everything from fire to natural disasters and even theft. Auto or car insurance is mandatory for registering and driving your car, and it protects the owner of the car and also other drivers and by standers. Life insurance is protection against financial loss resulting from death. Medical service and health insurance is the fastest growing segment of the insurance industry, and it offers coverage to help people get timely medical care and improve their lives and health. .Uninsured people receive less medical care and less timely care, they have worse health outcomes, and lack of insurance is a fiscal burden for them and their families. Dental insurance is often part of an employer's benefits package, along with health insurance. Travel insurance is an insurance cover taken by those who travel abroad, which covers certain losses such as medical expenses, lost of personal belongings, travel delay, personal liabilities, etc. Mortgage insurance is a form of credit insurance, although the name credit insurance more often is used to refer to policies that cover other kinds of debt. Surety bond insurance is a three party insurance guaranteeing the performance of the principal. Builder's risk insurance is typically written on an "all risk" basis covering damage due to any cause including the negligence of the insured.
Pet insurance is also a another fastest growing insurance finding popularity among pet owners.
So as you can see you can take insurance against any risk possible in the future even a risk as certain as death through funeral insurance.