Insurance is a term which is traditionally used to define the method used to mitigate the impact of an unexpected loss to a person or to an organization. This is done by moving the risk of loss by one person to another entity or organization by making a payment to the organization as fees for accepting and managing the risk. The two parties involved in an Insurance contract are called Insured and Insurer, where insured is the person who moves the risk of loss to another and is being protected whereas insurer is the person who accepts this risk in place of a certain fees received from the insured. The benefit the insured person obtains from this contract is the promise of a fixed amount to be paid by the insurer in case of any loss to the insured which will help to minimize the impact of loss to the insured.
Modern day insurance is a very organized affair and involves a contract drawn between both the parties involved and has a policy created and handed over to the Insured which contains the terms and conditions, the period of insurance as well as other specifications of the contract entered into. There are different types of insurance contracts available today which range from insurance which covers individuals to those which protect organizations. Insurance policies are also available to protect personal properties such as automobiles, houses and other property owned by individuals.
There could be question arising as to how an insurance policy or contract can be beneficial to the Insurer as the payment needs to be processed every time a loss is incurred by the Insured. In order to answer that, it needs to be explained that insurance contracts entered into by the Insurer with multiple persons who pay to have their risk of loss covered enables funds to be pooled together and be used as compensation only in the case of those people who actually incur a loss. And as compared to the number of people who sign up for an insurance policy, this number will be considerably low.
However, there are circumstances where fraudulent claims can be raised by a person insured and in order to counter this, normally, insurance organizations have a set of staff who research into the circumstance of loss to ensure that it is covered within the terms and conditions as well as is a genuine case of loss before processing the claim.
Insurance is beneficial to both the insured and the insurer in that while it provides the former a sense of security, it provides a profitable business undertaking to the latter.
We provide a simple, easy and affordable solution for property owners to appeal property taxes easily. Our products combine public, contributory and proprietary data to develop predictive decision analytics and provide business services that bring dynamic insight and transparency to the markets it serves. We tell you when, where and how to file your property tax appeal and we provide you with all the required forms needed to file a valid Property Tax Appeal.