 Insurance is a systematic method of risk transferring. Risk of a potential loss will transfer from one party (Insured) to another party (Insurer). In this transaction insurer based on the information on specific class of the risk (Aviation, Life, Auto, Cargo, Liability) determine the amount that called the Premium.
The most important part of this transaction is to understand what you buying or what kind of insurance policy you already have. Each day we see so many people who could not even tell what they have on their current insurance policies.
It is very important that your insurance policy designed base on your needs. When you receive such an important document, please review it for accuracy. Accuracy on the information that you were submitted to insurance broker/Agent or insurance company.
Make sure the policy is the one that you needed.
We have heard of different cases when the loss occurred, the insurance policy very different from what the insured thought they were buying.
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