Office of Enrollment Management



What is Insurance?

Insurance is a policy that is purchased to move risk from you to the insurance company. The company will pay a claim if something occurs to what was covered. Insurance is not a fun purchase, but a necessary purchase. Sometimes insurance is required by law.

What can be insured? Almost everything…



the amount paid to hold the policy, sometimes paid monthly, semi-annually, or annually


amount you need to pay before the policy will begin to pay


length of time you have the policy


the person identified to receive the payment of the policy


the request for payment from the insurance company


total amount that the insurance company will pay on the claim


an amendment or addition to a policy, such as child or jewelry rider

Understand insurance terms with Nationwide's definitions.

Consider where you would like to reduce your risk and transfer it to a third party. Would you be able to cover the cost of a house fire out of pocket? If not, homeowner’s or renter’s insurance would transfer the risk. Some insurances are required by law, such as car insurance.

Insurance required by law often has a minimum coverage requirement. You need to evaluate if the minimal coverage is adequate for your situation.

Learn more about car insurance, disability insurance, health insurance, home insurance, life insurance, and umbrella insurance