Insurance: Types of insurance

What Is Insurance

Insurance is the Transfer Of Equitable And Specific Risk of Possible Loss Of Life, Property Or Goods in Exchange For Money . Through This, The Individual Or The Insurance Company Accepts Part Or All Of The Potential Risk Of The Client In Return For Money (Premium). It Is A Part Of Risk Management To Avoid Uncertain Losses.

Principles Of Insurance

By Paying Premiums To Insurance Companies, The Insured Person Or Organization Is Free From All Possible Losses, And By Collecting Premiums From Numerous Insured Individuals Or Organizations, Insurance Companies Raise Capital. Apart From The Cooperation Of The Insurance Company, Saving Money Personally Can Be Free From The Worry Of Possible Risks. There Are Certain Principles To Be Followed in Determining The Insurance Process, Type Of Loss And Compensation.

What Is The Definition Of Insurance?

Insurance is The Transfer Of Equitable And Specific risk Of Possible Loss Of life, Property Or Goods In Exchange for Money. Through This, The Individual or The Insurance Company Accepts Part or All Of The Potential Risk Of The Client in Return For Money (Premium). It is a Part Of Risk Management To Avoid Uncertain Losses.

What are the types of insurance?

There are Many Types Of Insurance And In Different Cases You Can Keep An Insurance.

However, Mainly Or Most People Take 8 Types of Insurance More. And, These 8 Types of Insurance Are Very Important For All of us.

  • Life Insurance or Term Insurance.
  • Health insurance.
  • General Insurance
  • Accidental Insurance
  • Travel Insurance
  • House insurance
  • Fire Insurance.
  • Property Insurance

General Insurance Can Also Be CalleNon-Life Insurance .

Meaning, Any Insurance Or Insurance That Is Not Related To Your Life Or That Is Not Related To Life Insurance, All Those Insurances Are Included In “ General Insurance ”.

So, Basically There Are Two Types Of Insurance. Life Insurance And General Insurance. As Many Insurance Types as There Are Other Than Life Insurance, They All Come Under General Insurance.

What is life insurance?

Life insurance is a type of insurance where a person regularly pays premiums to an insurance company , with the intention of receiving a sum of money at a specified time in the future or after the person’s death.

Life insurance needs and why?

If You Have A Family, And If You Are Only Supporting Your Family Financially, Then Having A Term Life Insurance Is Very Important For You.

“ Term life insurance ” Is A Type Of Insurance Where, In The Event Of The Death Of The Person In Whose Name The Insurance Is Due, a Fixed Amount Is Paid To His Family or Nominee (Nominee) After His Death.

How Much Money Will Be Paid To The Family After The Death Of The Insured Person, Must Be Considered Before Taking The Insurance.

And, Your Premium Amount Will be Determined Based On Your Survival Amount, Which Is Called “ Sum insured value ”.

The Higher Your Sum Insured Value, The Higher The Premium To Be Paid.

So, You May Have A Good Understanding of What Life Insurance Is And Why Life Insurance Is Needed.

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