Insurance is a financial product that consumers and businesses purchase to compensate them against a wide array of risks provided set conditions are met. Common insurable risks cover policyholders against property damage,loss, theft, accidents, including motor accidents, and poor health. Life insurance pays out cash to named individuals or organisations. In return for risk cover, policyholders pay annual or monthly premiums to insurance companies. If the conditions of the insurance policy are met i.e. if the insured person or organisation suffers loss or damage, they will make an insurance claim to reclaim some or all of the loss incurred or, say, to cover healthcare fees. Insurance claims are paid from an insurance company’s pooled premiums.