Insurance is designed to protect you financially from unexpected events or accidents. It provides peace of mind, knowing that you're covered in case of unforeseen incidents, whether they involve your health, car, travels, or life events. Some insurance, like car insurance, is also mandatory if you are going to drive a vehicle.

• Car Insurance: Protects against financial losses due to accidents, theft, or damage to your vehicle. Coverage can include property damage, bodily injury, and liability depending on the type of coverage you have.
• Health Insurance: Covers medical expenses related to illnesses, injuries, and preventive care. Depending on the plan, it might also cover prescription drugs, mental health services, and more.
• Life Insurance: Provides a monetary benefit to beneficiaries upon the death of the insured. There are various types, including term life (for a specific period) and whole life (for the lifetime of the insured).
• Travel Insurance: Covers unexpected events while traveling, such as medical emergencies, trip cancellations, or lost luggage.
• Homeowners/Renters Insurance: Protects against damages to your home or personal property. This can include coverage for fires, theft, natural disasters, and personal liability.
• Business Insurance: Designed to protect a business against potential losses and damages due to unforeseen circumstances, like property damage, liability claims, and employee-related risks.

‍

An insurance broker is an independent professional or company that represents the interests of insurance buyers. Unlike insurance agents who represent specific insurance companies, brokers work on behalf of their clients to find the best coverage options and rates from multiple insurers. They can provide expert advice, help in understanding complex insurance terms, and assist during claims.

An insurance agent is a person authorized to sell and service insurance policies on behalf of specific insurance companies. Agents can be "captive" (representing only one insurer) or "independent" (representing multiple insurers). They guide customers through the process of purchasing insurance and can offer products from the companies they represent.

An insurance underwriter assesses the risk and exposures of potential clients. They decide how much coverage the client should receive, how much they should pay for it, and whether to even accept the risk and insure them. Common insurance underwriters in Kenya include Jubilee Insurance, Britam, UAP Old Mutual, CIC Group, and APA Insurance.

A premium is the amount you pay for your insurance policy. It can be paid monthly, quarterly, semi-annually, or annually, depending on the terms of your policy. The premium amount is determined based on various factors, including the type of coverage, the amount of coverage, and your risk profile.

Insurance premium financing is a way for individuals or businesses to spread the cost of an insurance premium over multiple payments instead of paying the entire amount upfront. A third party, often a financial institution, pays the full premium to the insurance company on behalf of the policyholder. The policyholder then repays the premium finance company in installments over a set period.