Have you ever been injured and needed to go to the hospital? Have you ever been in a car accident, or ever had damage to your house due to a fire, tornado, or hurricane? The answer to one of these questions might be "yes", which means you or your parents have probably dealt with some type of insurance. Insurance is basically an arrangement between you, the individual, and an insurance company in order to protect you and your property from the risk of an unforeseen loss or event by limiting your financial losses. In exchange for a regular payment, you are able to gain financial protection against a potentially huge loss like a car accident, your house burning down, or spending months in the hospital. Insurance doesn't reduce the risk of sickness, accidents, or disasters, but rather, it reduces the risk of the economic hardship that might result from such an event.

What Types of Insurance Do You Need? Before you buy insurance, you should understand all of the types that you may need. Insurance companies will insure most things, but there are several major insurance types that affect a majority of people. In this presentation, you will examine the most common types of insurance and how they can work to help you. Click the player button to begin. View a printable version of this interactivity.

As you experience changes in your life and grow older, your insurance needs will change based on your circumstances and responsibilities at that time. It's important to review your insurance commitments and needs on a regular basis and make changes to coverage.

Content Practice

Now that you have learned about insurance, it is time to test your knowledge with this non-graded interactivity. Click the player button to begin.