Insurance and the ability to minimize risk through the acquisition of insurance

Insurance and the ability to minimize risk through the acquisition of insurance is an important component in financial and legal planning for everyone. The requirement that everyone in the United States be covered by some form of health insurance has focused attention on the importance, and significant expense, that insurance plays in our lives. Nightly news frequently shows weeping renters standing outside their fire-torn apartments saying that they lost everything and giving viewers a bank address for contributions. National coverage of catastrophic storm damage from flood, tornadoes, and hurricanes has heightened our national conscience about the necessity of financially preparing for disaster. Because insurance is a contract, and because contract laws are regulated by the states, you should work to familiarize yourself with laws as they regard the insurance industry within your jurisdiction.
In your initial discussion:
Detail an example of when insurance coverage benefitted you and also reflect on a time when someone else’s failure to have insurance impacted you or an acquaintance personally.