Interesting Facts about Medical or Health Insurance and Life Insurance The term insurance is basically referring to the methods or means of protection to any losses of their financial resources from any uncertain occurrences. Such means is also defined as a form of risk management that can be of great use in terms of producing boundaries against any risk that are defined as contingent or unforeseen losses. An insurance product can be bought or purchased by the entity called as the insurer or policyholder through the entities who sells such products, and they can be called as an insurance company, an insurer and an insurance carrier. It is typical that an insurance product comes with a contact that consists of the information and details about the said insurance product, such as the circumstances and the conditions that the policyholder will be compensated in terms of financial, and such contract is called as the insurance policy. The insurance products designed as financial intermediaries that are recognized as one of the major part of the financial services industry and a commercial enterprise. There are basically seven characteristics of the risks that can be insured and covered by the insurance companies, and that includes large loss, limited risk of catastrophically large losses, calculable loss, affordable premium, definite loss, accidental loss, and large number of similar exposure units. Some of the most commonly purchased insurance products are the life insurance, vehicle or auto insurance, health insurance, income protection insurance, gap insurance, closed community and governmental self-insurance, insurance financing vehicles, credit, liability, property, burial insurance, and casualty insurance. An insurance is recognized as an investment, and two of the most commonly purchased type of insurance are the life insurance and the medical or health insurance. Another term used for life insurance is life assurance, and this is a type of insurance that can help the beneficiaries of an insured individual with their finances, for the insurer or assurer promises them with a sum of money that the beneficiaries can obtain on the death of the policyholder. Life insurances that life-based contracts are categorized into two distinctive types, namely the investment policies, in which its main objective is to facilitate the growing capital of the insured and the common forms of this policy are universal life, variable life, and whole life policies; and the protection policies, which is designed to provide a benefit and advantages to the insured and their beneficiaries, and its common form is called as the term insurance. A health or medical insurance is defined as an insurance that can cover a certain part of the risk or the whole risk of an individual or the insured entity from their incurring medical bills and expenses. A health insurance can provide payment or cover any hospital or medical expenses due to an illness, sickness, injury, disability, accidental dismemberment and death, and accident. The people who wants to purchase an insurance product offered by the best insurance companies in their area, can find them through the recommendations of their families and friends, through the recommendations of friends and families, or through the websites of the company found on the internet.