Insurance protects against financial loss. People can be protected by insurance from a variety of potential dangers, including fire, accident, and theft. This mostly depends on the idea of the unexpected that might occur in the future. Since the future cannot always be predicted, investments must be safeguarded against the most probable losses.
The risk that you won't pass away before your time and force the insurer to make a payout or the chance that your house won't burn down or your Jaguar won't be damaged in an accident, is how insurance companies make money.
The idea behind the insurance company's business model is a contract wherein the insurer agrees to pay a certain sum of money for a specified asset loss incurred by the insured, typically due to damage, illness, or, in the case of life insurance, death.
The Insurance company Kenya receives regular payments from the policyholder in exchange for providing coverage for a variety of assets, including life, home, auto, travel, business, and assets.
In essence, the insurance contract is the Car insurance in Kenya pledge to compensate the insured for any losses incurred across a range of asset classes in return for frequent, smaller payments from the insured to the insurance company.
The assurance is contained in an insurance policy that is signed by the insured person and Vehicle Insurance Services Kenya.