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Issue 1207 April 10, 2011
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Insurance - Who Needs It?

November 27, 2011       103 Comments
By: Brandon Sutkowi

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Do We Benefit From Insurance, or is it a Necessary Evil?

Why isn't insurance easily understood? Let's examine public perceptions about insurance.

Insurance is an Intangible Item -- An insurance policy is a piece of paper you hold in your hand, a contract, if you will. However, more important than black type on white pages, an insurance policy represents a promise. An intangible promise to pay for losses, a security blanket which allows many to sleep better at night.

Insurance is a Difficult Field, Full of Jargon There are hundreds of terms, policy types, companies, agents, adjusters...

It is easy to get confused as to who does what or what does who. Let's not get frustrated. With a calm, rational approach, we can see that insurance is a contract, a promise to pay in the event of a loss. All other items are supporting cast that fit in around the concept: sales and service, before and (hopefully never) after a loss.

If I Never Have a Claim, Have I Wasted my Money Buying Insurance? Many folks feel that if they did not have a loss last year, they wasted their money buying insurance. However, the general principal of insurance is based on the law of large numbers - spreading the losses of a few among a larger number of exposures to loss. Insurance provides peace of mind, helps businesses obtain credit and financial stability, and generally helps our communities in preventing and recovering from losses.

Disclaimer: The brevity of this article prevents comprehensive consideration of all issues. The information contained herein should not be considered as insurance advice; such is expressly disclaimed. For specific matters, consult with your insurance agent.

Brandon Sutkowi, Personal Lines Manager
Meadowbrook Insurance Agency

I invite your questions and feedback

To Reach Brandon Sutkowi By Telephone -- (989) 799-8390

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"The BUZZ" - Read Feedback From Readers!

michael.miner.nghp Says:       On July 11, 2011 at 10:04 AM
Perfect article! People need more personal responsibility! Fix you stuff!!! Keep up with your stuff and you will have less or no claims. The Intitlement mentality in this area is horible!!! Peace!
email Says:       On April 04, 2012 at 11:31 PM
Major thankies for the post.Thanks Again.
email Says:       On April 04, 2012 at 11:31 PM
Muchos Gracias for your article. Much obliged.
email Says:       On April 04, 2012 at 11:31 PM
This is one awesome post.Really looking forward to read more. Really Great.
emai1l Says:       On April 04, 2012 at 11:34 PM
Very informative post.Thanks Again. Will read on...
email Says:       On April 05, 2012 at 04:12 AM
Great article post.Much thanks again.
email Says:       On April 13, 2012 at 11:23 AM
Very informative article.Thanks Again. Really Cool.
Agree? or Disagree?

Brandon Sutkowi

Brandon Sutkowi is a Personal Lines Manager for Meadowbrook Insurance Agency

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