Insurance is something that almost all of us will need sometime, and it is worth understanding it before buying it.

Various types of insurance include motor insurance, which includes automobile, motorcycle, and boat insurance, health insurance, life insurance, home insurance, travel insurance, personal property insurance, keyman insurance, dental insurance, rental insurance, and more.

Often, insurance is required - especially in the cases of motor insurance. Other times, it is a safeguard.

Insurance is a form of risk-management which spreads risk of many people in exchange for small payments from each. Specifically, insurance transfers some type of risk (accident, theft, natural disaster, illness, etc) from one person or group to a more financially-sound entity in exchange for a payment (also known as a premium). Premiums are often annual or monthly, but depending on the type of insurance they can be at other intervals.