When it comes to buying insurance in Singapore, there are so many options out there that one can get cross eyed just trying to research and figure out all the differences between them. Reading through all the clauses and figuring out what it necessary and what are essential add-ons, however, it very important. Even more so when living in a city like Singapore, where it is important to be covered adequately to avoid paying too much out of your pocket during an unexpected event.
Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management primarily used to hedgeagainst the risk of a contingent, uncertain loss. An insurer, or insurance carrier, is selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy. The amount of money to be charged for a certain amount of insurance coverage is called the premium. Risk management, the practice of appraisingand controlling risk, has evolved as a discrete field of study and practice.