Can someone tell me about Insurance?

Question

I've always had my parents handle everything dealing with insurance. Now that I'm going to college soon, I want to learn about it, but my parents talk way way too much so I don't wanna ask them.

I already know there are different kinds like health, car, house, etc. But can someone tell me all the different kind of basic insurances and how they work?

And I don't get it when new teen drivers say, "I can't drive because I don't have insurance." Which insurance are they talking about?

Answer 1

Well, you're asking for hours of verbal information.  

You can go to www.wikipedia.com to get some basics, or you can go talk to a local agent, to get specifics.

With insurance, if you don't PAY for it, you don't HAVE it.  All states except NH and WI require insurance, if you want to drive.  So those teens are talking about CAR insurance.

Answer 2

I have met this kind of problem before,here is the resource I found useful.http://car-insurance.easyideas4u.info/ca...

Answer 3

How old are you? Go to google all your questions.  

Answer 4

It's good that you are trying to learn these things before you go to college. Insurance is a part of life that everyone should be knowledgable about. Insurance is basically the same no matter what it's covering (a life, car, boat, house, rental property, etc). Basically, you pay an insurance company a monthly/quarterly/semi annual or annual fee (called a premium) to protect something. For instance car insurance- you will pay a premium for that car to protect you in case something were to happen like an accident. Life insurance protects against a person. If a policy is taken out for lets say John Doe, he can name a beneficiary. A beneficiary is the person that would collect the money if John were to die. Upon John's death the beneficiary would submit a claim to the insurance company and they would receive the money from that policy. Health insurance is a little bit different but the same concept. Health insurance covers the cost of testing, medication, doctors visits, etc. Like all other insurance you pay a premium for health insurance as well. The price usually it depends on how much coverage you are getting and how many people will be covered (family plan). There is a lot of information on the internet concerning different types of insurance. If you want more details I would suggest wikipedia.