Risk is almost everywhere and it mostly happens when it is least expected, such that when it occurs depending on the extent of the damage can leave one in debt. However, since we cannot stop such unexpected events from occurring we can sometimes get protection. Insurance protects us from unexpected costs, thereby minimizing the financial liability from such events. There is a wide range of insurance category and types, each of which covers a different area of one’s life.
Disability Insurance
Insurance Policy (Definition) and Types of Insurance Policy
Insurance is a legal contract between an insurance company, which is the insurer, and the insured which can be an individual, family, or business. In which the insured receives financial protection against losses from the insurer in exchange for a small fee known as a premium. This legal contract is represented by or otherwise known as an insurance policy.
Disability Insurance: Meaning, How it Works, and Types of Disability Insurance
The aim of insurance is to reduce financial uncertainty and make accidental loss manageable. Disability insurance protects you from the risk of losing your income due to injury, medical condition, or illness that meets the definition of disability.