General insurance Which method can one fund insurance scheme?

[sincerem]

I've been wondering how insurance scheme can be funded, I don't know if its funded via installment or one time, as the case maybe. I am looking up to insuring property like car, house in the near future. And I've started making savings for it hoping that I'll reach the required amount to fund an insurance scheme.

Having read vividly about insurance company, and its policy how they handle their premium offers to people seeking for their property protection, and factors they consider before agreeing terms with the individual concerned for insurance consensus.

I've come to understand the policy measures they apply to everyone wanting to go into contract with them long time.

My question now, how can I start funding for property insurance scheme?

 

[Chibson]

This has been the question of some people regarding how insurance companies found their business and of course it is not a rocket science. if you need coverage for your property or whatever insurance you want to do then you have to pay the insurance company to do that for you and then, they use that money you paid to reinvest.

 

[Mika]

I don't know how other people pay their insurance policy but I have two insurance policies, one life and another non-life (for my two-wheeler), and I pay the premium from the money I save. A couple of weeks ago I paid a $170 premium for my life insurance, I saved for months to collect this amount so that I can pay my premium.

 

[sincerem]

I don't know how other people pay their insurance policy but I have two insurance policies, one life and another non-life (for my two-wheeler), and I pay the premium from the money I save. A couple of weeks ago I paid a $170 premium for my life insurance, I saved for months to collect this amount so that I can pay my premium.

That means you paid for it once without paying via installment. At least you've secured yourself a lasting insurance in your life in case unbeknownst circumstances occur to you cos of how things can come by surprise in our lives. I believe that life insurance covers both health vulnerability and so on. I'm open to funding for auto insurance which covers my property also.

 

[Wisdom01]

Well I think it depends on the agreement ,most times you could be charged annually or monthly depending on how the premium is been made to be executed ,some people that have seen are mostly on the annual basis when choosing to pay for their premium and cover the risk they want to cover

 

[sincerem]

Well I think it depends on the agreement ,most times you could be charged annually or monthly depending on how the premium is been made to be executed ,some people that have seen are mostly on the annual basis when choosing to pay for their premium and cover the risk they want to cover

Thanks a lot, ever since you've been contributing on the insurance section, you've always helped me to answer my queries accordingly, kudos to you dear. If I'm a civil servant, I'll simply go for the monthly insurance pay roll so the burden won't be much on me to pay instead of annual payment.

 

[Wisdom01]

Thanks a lot, ever since you've been contributing on the insurance section, you've always helped me to answer my queries accordingly, kudos to you dear. If I'm a civil servant, I'll simply go for the monthly insurance pay roll so the burden won't be much on me to pay instead of annual payment.

Thanks for the compliment , good you are making the move of going for a monthly pay roll , because some can actually settle it quick instead of it accumulating and the person start finding it hard to pay at the end of the year most especially when the person is faced with so many unexpected expenses