Learn More about Life Insurance and Medical or Health Insurance The means or methods of protection from any unpredicted financial losses is called as the insurance. An insurance is also described as a form of management from any risks that are unforeseen and may produce contingent losses, for it can create or produce boundaries against this risks. The entity that purchases any insurance products are called as the insured or the policyholder, and the entity which offers the different types of insured products are called as the insurance carrier, insurance company or the insurer. Each insurance products comes with a contract which consists of the details and information about the product, and the circumstances and conditions in which the insured will compensated financially, and this is called as an insurance policy. The insurance products designed as financial intermediaries that are recognized as one of the major part of the financial services industry and a commercial enterprise. The seven common characteristics of the risk that can be covered and insured by insurers includes accidental loss, large number of similar exposure units, large loss, limited risk of catastrophically large losses, calculable loss, affordable premium, and definite loss. There are basically various kinds of insurance, and some of the most commonly purchased products are income protection insurance, gap insurance, closed community and governmental self-insurance, insurance financing vehicles, credit, liability, property, burial insurance, casualty insurance, life insurance, vehicle or auto insurance, and health insurance. An insurance product is basically recognized as an investment, and the two most important insurance that each and every people needs are the medical or health insurance and the life insurance. A life insurance or life assurance, is basically defined as an insurance product in which the assurer or insurer made a promise to their policyholders to pay their beneficiaries a certain amount of money once they died. A life insurance product is divided into two categories, namely the investment policies, in which its main objective is to facilitate the growing capital of the insured and the common forms of this policy include whole life policies, universal life and variable life; and the other category is called as the protection policies, which is designed to provide a benefit and advantages to the insured and their beneficiaries, and the term insurance is its common form. A health insurance, which can also be called as a medical insurance is basically defined as an insurance that can cover the whole risk or a certain part of the risk of a person or the insured entity from their incurring hospital bills or medical expenses. A medical or health insurance can cover up the payment for any medical expenses or hospital bills of their policyholder who has experienced an accidental dismemberment and death, accident, illness, sickness, injury, and disability. There are definitely a lot of insurer that can be found all over the world, and the people who wants to purchase an insurance product from the best insurance company can locate them through the company’s print ads, details through their websites in the internet, or through the recommendations of friends and families.