Insurance exists long time ago where it was first to serve as a protection to the global traders goods against loss due to pirate attacks in the sea. The insurance company during that period of time will bear all the losses of the unfortunate traders using the money it has gathered from other participating traders in order to help the unfortunate traders.
The purpose of insurance in a general term is mainly to help the unfortunate one by using some portion of the collected/pooled money to compensate whatever amount of loss to the victim. With this method, many of the unfortunate victims can carry on with their daily lives immediately without having to worry about other financial obligations.
There are many classes of insurance available through out the world. Each country has its own meaning and definition of each insurance class. However, I am not going to elaborate on the different meaning by each country. What I am about to discuss here mainly on the general factors and the benefit it could bring to each individual life in this world.
Property Insurance / Fire Insurance
Fire Insurance is an insurance which protects the Insureds (person who buys the insurance policy) property from any disaster or unfortunate event due to or caused by basic fire
