What's The Difference ?
The word insurance as defined in the oxford dictionary is "An arrangement by which the state or a company undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium" Simply; insurance is the transfer of risk. The premium that you pay the insurer monthly is to have the risk insured.
Insurance has two basic categories, long and short term insurance. Within each category are a number of different types of insurance.
Short Term Insurance:
- An item gets covered for a short period or for a short term since your needs will change over time.
- Short term insurance includes all types of insurance policies other than life insurance.
- Examples are: vehicle, property, household, medical, personal liability, travel and business insurance.
- Application and approval is quick and easy
Long Term Insurance:
- An item will be covered for a long term or long period of time.
- Examples are Life Insurance and retirement policies.
- It is said that long term insurance usually insures a life.
- Application and approval take a lot longer.
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