As opposed to the popular belief, insurance is not a component to avert risk but it is primarily to mitigate its effect on any individual. By County Insurance has been around since 1985 and is taken to be one of the foremost insurance agencies in the regions of Burlington, IA, Stronghurst, IL, Galesburg, Oquawka, IL, Monmouth, IL, and Biggsville. Be it auto and boat insurance, home insurance, farm, and crop insurance, commercial insurance, and even life and health insurance, we have a team of agents that are not only highly knowledgeable and skilled but also have decades’ worth of experience to be able to customize any policy to suit your certain needs and wants.
Below we have mentioned a few prominent features of an insurance policy. Take a look.
- Sharing of risk
This is the foremost reason for taking up an insurance policy, which is to share the financial loss that any family has two faces on the happening or occurrence of a specific unfortunate incident. It might be the death of a breadwinner of the family, floods, fire, or even general insurance which includes accidents, burglary, and other incidents.
- Value of risk
There are quite a few methods to evaluate the risk. This risk is calculated before starting the insurance policy as depending on this risk the premium amount is determined. Higher the risk higher the premium is charged and vice versa.
- Payment at contingency
The entire concept of insurance is based on contingency; If the contingency occurs, the payment is made. The contingency being the unfortunate incident like fire or flood, death, marine perils, theft, vandalism, and upon happening of these incidents based on the insurance contract, the aggrieved will get a certain amount of money to bear the loss that occurred due to the incident.
So, if you have any other queries regarding insurance policy, you can get in touch with us.