Interesting Facts about Medical or Health Insurance and Life Insurance Insurance is defined as means or methods of protection from any financial losses that may occur in the lives of the people. Such means is also defined as a form of risk management that can be of great use in terms of producing boundaries against any risk that are defined as contingent or unforeseen 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. It is typical that an insurance product comes with a contact that consists of the information and details about the said insurance product, such as the circumstances and the conditions that the policyholder will be compensated in terms of financial, and such contract is called as the 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 various risks that can be insured and covered by an insurance company have seven common characteristics, such as definite loss, accidental loss, large number of similar exposure units, large loss, limited risk of catastrophically large losses, calculable loss, and affordable premium. The different types of insurance products are vehicle or auto insurance, health insurance, income protection insurance, gap insurance, closed community and governmental self-insurance, insurance financing vehicles, credit, liability, property, burial insurance, casualty insurance, and life insurance. An insurance is recognized as an investment, and two of the most commonly purchased type of insurance are the life insurance and the medical or health 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 health insurance can provide payment or cover any hospital or medical expenses due to an illness, sickness, injury, disability, accidental dismemberment and death, and accident. 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.