Need ‘caring’ medical insurance

SAVE for a few types of insurance policies which are mandatory, most other insurance policies are discretionary. A motor insurance policy is compulsory, whereas a fire insurance policy is only required if you have taken out a mortgage against the property. Financial institutions require this policy as a safeguard against destruction to the property.

Generally speaking, an insurance policy can be defined as the transfer of the risk from the insured party to the insurance company that mitigates it in exchange for a stipulated premium paid for the insurance policy.