In chapter 10 of our reading by Siegel & Yacht, we learn about insurance, the different types and how each of them impact us. Merriam-Webster defines insurance as “an agreement in which a person makes regular payments to a company and that company promises to pay money if the person is injured or dies, or to pay money equal to the value of something (such as a house or car) if it is damaged, lost, or stolen”. With many different types of insurance, they each have their benefits to having them. If you're fresh out of college with almost no material goods and you rent an apartment, you may not feel the need to get renters insurance because you don’t care about the items you own. However, with renters insurance, it could cover possible damages you do to the apartment by accident. Having insurance is important because it allows you to cover the possible issues that may occur and cause problems later on. A good example is car insurance, about 10 years ago I was at a stop sign waiting for my turn to go when a truck turned too wide and drove on top of my car. Thankfully I was fine without injury, but my car was severely damaged. The other driver who caused the accident had insurance which covered the cost for the damage to my car and provided a rental car for me to…show more content… They discuss that both cover three types of financial losses. Bodily injury covers bodily injury liability, medical payments, and uninsured motorist protection. Property damage covers property damage liability, collision, and comprehensive physical damage. It is clear that each branch focuses on a different area of possible loss/damage. The bodily of course being associated with possible harm of an individual, where as property damage covers the damage of the car, or possible hit car, or any other damage that was done to an object where money is needed to
