Author: Mohamed Rahim, Mohamed Hafiz B

Health insurance
is insurance against the risk of incurring medical expenses among individuals. By estimating the overall risk of health care and health system expenses, among a targeted group, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to ensure that money is available to pay for the health care benefits specified in the insurance agreement.

Insurance Essentials

Life Insurance
especially in the Commonwealth, is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder).

Auto Insurance
is insurance purchased for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage and/or bodily injury resulting from traffic collisions and against liability that could also arise there from.

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Home insurance
also commonly called hazard insurance or homeowner's insurance (often abbreviated in the US real estate industry as HOI), is a type of property insurance that covers a private residence.