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What is Personal Insurance?
To answer this, we must first answer the question, "What is Insurance?" This is how the Ohio Insurance Institute explains it:"A common misconception about insurance is that it works like a savings account. An individual continues to pay premiums year after year, thinking that premium payments are placed in an account to pay for future losses. This isn't the way insurance works. In simplest terms, insurance is where many people (with the payment of their policy premiums) share the losses of the few who have a loss. The purpose of insurance is to help pay for losses that you could not afford to pay for on your own. Without insurance, most people could not afford the risk of owning a car, home or business, or pay for medical care."Insurance designed to address your personal needs is called Personal or Personal Lines Insurance. It includes the various types of insurance developed primarily for individuals or families, rather than businesses. To learn more about personal insurance from Central, please follow the links above.
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