Insurance : Importance, Types and Benefits
life and property of an existent are girdled by the threat of death, disability or destruction. These pitfalls may affect in fiscal losses. Insurance is a prudent way to transfer similar pitfalls to an insurance company.Insurance : Importance
- What’s Insurance?
- How does insura
- nce work?
- What are the types of insurance available in India?
- Life insurance
- Health insurance
- Auto insurance
- Education Insurance
- Home insurance
- What are the duty benefits on insurance?
- Conclusion
- What’s Insurance?
Insurance is a legal agreement between two parties i.e. the insurance company (insurer) and the existent ( ensured). In this, the insurance company promises to make good the losses of the ensured on passing of the ensured contingency. The contingency is the event which causes a loss. It can be the death of the policyholder or damage/ destruction of the property. It’s called a contingency because there’s an query regarding passing of the event. The insured pays a decoration in return for the pledge made by the insurer.
How does insurance work?
The insurer and the ensured get a legal contract for the insurance, which is called the insurance policy. The insurance policy has details about the conditions and circumstances under which the insurance company will pay out the insurance quantum to either the insured person or the appointees. Insurance is a way of guarding yourself and your family from a fiscal loss. Generally, the decoration for a big insurance cover is important lower in terms of plutocrat paid. The insurance company takes this threat of furnishing a high cover for a small decoration because veritably many insured people actually end up claiming the insurance. This is why you get insurance for a big quantum at a low price. Any individual or company can seek insurance from an insurance company, but the decision to give insurance is at the discretion of the
nsurance is at the discretion of the insurance company. The insurance company will estimate the claim operation to make a decision. Generally, insurance companies refuse to give insurance to high- threat aspirants.types, benefits, & process on how to apply for two wheeler insurance online.