Interesting Facts about Medical or Health Insurance and Life Insurance The term insurance is basically referring to the methods or means of protection to any losses of their financial resources from any uncertain occurrences. Insurance is also a form of risk management that can be used to provide boundaries against the risk of an unforeseen or contingent losses. An insurance can be bought from an entity called as an insurer, insurance carrier or insurance company and the one who bought such products is called as a policyholder or insured. 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. Any kinds of insurance products are designed as a financial intermediary and these products are already considered as one of the major part of the industry of financial services. 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. Life insurances that life-based contracts are categorized into two distinctive types, 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 are universal life, variable life, and whole life policies; and the protection policies, which is designed to provide a benefit and advantages to the insured and their beneficiaries, and its common form is called as the term insurance. A medical insurance which is also called as a health insurance is basically a type of insurance that can cover up any incurring medical expenses or hospital bills of their policyholder, and that may include the whole risks or only a specific part of the risk. 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. The people who wants to purchase an insurance product offered by the best insurance companies in their area, can find them through the recommendations of their families and friends, through the recommendations of friends and families, or through the websites of the company found on the internet.