Insurance

Insurance involves the transfer of risk. By paying premiums to an insurer, you transfer the risk of loss from yourself to the insurer.
The insurance process is a mechanism for spreading risks or sharing losses of the few among the many. Individuals  pay a fee (the premium) to an insurance company (insurer) in return for a benefit in the event of a loss that might occur as a result of certain agreed events (a claim).
The terms and conditions are set out in the “insurance contract”
It is important to understand that insurance for risk is not a savings product. Insurance involves the payment of the premium in exchange for cover. You will only receive a benefit if you have a legitimate claim for a loss that is specified in your policy document.

WHAT IS A PREMIUM?

A premium is an amount of money you pay to an insurer for insurance cover. The premium you pay is the financial value of the risk being transferred from you to the insurer.
The amount of premium you pay depends on a number of factors, including:
    * the type of insurance cover
    * the level of risk that you are booking to insure
    * for some types of insurance, the level of excess you take
    * your personal information
    * your age
    * administration costs and taxes and levies
Generally, the higher the risk of loss, theft, damage, injury or death, the higher the premium you will pay. 

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