What is Insurance and Why is it Important?
Throughout our lives, the possibility of encountering unexpected events always exists. Earthquakes, fires, floods, accidents, and other natural or human-made disasters can cause serious damage to our lives and property. In such cases, financial stability is essential to cover our material losses and rebuild life. Insurance is a financial tool created precisely for this purpose, offering us a sense of security.
What is Insurance?
Insurance is financial protection against risks that individuals or legal entities may face. Simply put, in exchange for a certain payment (insurance premium), the insurance company provides support to the customer in the event of potential losses. If an insured event occurs, the insurance company compensates for the resulting material damage within the framework of the contract.
Main Principles of Insurance
- Risk Sharing – Insurance is based on the principle of covering large losses made possible by small contributions from many people.
- Indemnity Principle – The aim is to fully cover the loss, meaning the insured person neither gains nor loses financially.
- Fairness and Transparency – The insurance contract must be transparent, and both parties should be aware of their obligations.
Types of Insurance
- Property Insurance – Protects houses, apartments, and other real estate.
- Auto Insurance – Provides coverage for vehicles against accidents and other risks.
- Health Insurance – Covers some or all medical expenses.
- Life Insurance – Pays out to the family or designated individuals in the event of the policyholder’s death.
Discover the “Yuvam” Insurance Product
“Yuvam” is a fully digital property insurance product created by Future Lab, designed exclusively for apartments. Thanks to “Yuvam,” you can insure your home against fire, floods, explosions, and other risks starting from just 4 AZN per month.
Key Features:
- Fully online insurance process
- Fast and paperless application procedure
- Quick claim payouts
- No need to provide photos or videos for coverage
- Customizable packages tailored to various needs
Insurance is not just a precaution—it is also a feeling of trust and confidence in the future. With modern and user-friendly insurance products like “Yuvam,” you can protect your home, and financially safeguard yourself and your family from unforeseen events.
