QUOTE(steph13 @ Aug 30 2013, 01:37 PM)
can help me to understand this insurance thingy. SO let say i purchase 1k stuff and i insure 500 so my totally cost for my purchase is 1.5k? or how does it work?
Sorry i noob neva buy things from oversea b4. hehe
Let's say 1k stuff. Let's say insured amount is 1k, the premium need to pay is 20.
If insured amount is reduced to 500, the premium need to pay is 10.
So, some think want to save the extra 10, and take risk.
What risk ?
The risk is, if you declare and insured 1k, and the item lost, insurance will pay you 1k from the 20 you pay for premium.
If you declare and insured 500 (although you know you pay 1k), and item lost, insurance pay 500 only (from the 10 your pay for premium)
If you declare 1k and insured 500, and item lost, insurance still pay you 500 only (from the 10 your pay for premium)
If you declare 1k and insure 500, nothing lost, you save the extra 10.
If you declare 1k and don't insure anything at all, you save 20

. . .
Un ?