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Insurance is a defensive part used against hereafter conditional losses to hedge the potential risks of the future. It is a legal contract that protects a man from contingent risk of losses through financial means and provides a means for individuals and societies to deal with some of the risks faced in daily life.
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These contracts of insurance are called policies and are provided by insurance companies. The insurance companies fee a quarterly amount from the customers, which is paid back, whether in part, or entirety, to the customers in case of a exact loss. This quarterly amount expensed from customers is called insurance Premium.
Reasons Of Insurance:
Sometimes in life it is not potential to avoid the losses. For example citizen may become ill. They may die of illness or accidents or their homes or other property may feel damage or theft. So in all these cases and they have to face the loss of earnings or savings. So insurance is a manner of financially insuring that if such an incident comes about then the loss does not work on the gift well being of the person.
Doctrines Of Insurance:
1 There should be a obvious exact loss taken place at a known time, in a known place and from a known cause. Therefore the time, place and the cause of loss should be clear enough.
2 The incident that describe the cause of the claim should be accidental or beyond the control of the beneficiary.
3 The size of the loss must be vital from the perspective of the insured. insurance premiums should cover both the estimated cost of losses, plus the cost of policy, regulating the losses, and providing the vital required to logically assure that the insurer would be able to reimburse claims.
4 The amount of superior should be affordable.
5 The possibility of loss and the cost of payment should be calculable or estimable
Types Of Insurance:
Below are some kinds of insurances.
Life Insurance:
Life insurance policy insures the life of the insured. The insurance business is legally bound to furnish a monetary benefit to a decedent's house or the beneficiary after the death of the policyholder. The proceeds are paid to the beneficiary whether in a lump sum amount or an annuity
Medical Insurance:
Medical insurance is also called medclaim. Under this policy the insurance policy pays the amount to the insured for his health purpose. This amount covers the cost of curative treatment.
Disability Insurance:
There are two types of disability insurance.One is simple disability insurance and the other is total disability insurance. In case of simple disability insurance,a financial maintain on monthly basis is provided by the insurer to the policy possessor if he is unable to work due to an injury or an illness. But permanent disability insurance provides the repayment if a man becomes constantly disabled.
General Insurance:
It includes automobiles insurance, business insurance, property insurance etc.
Automobile insurance:
In Uk this insurance is called motor insurance. It compensates the loss or damage occurred to the vehicle. But in United States auto insurance policy is vital to legally control a car on communal roads.
Business insurance:
Business insurance protects the businesses against risks of losses and damages and compensates in case of loss
Property insurance:
This type of insurance protects the property against the risks like fire, theft etc. This kind also includes fire insurance, flood insurance, earthquake insurance etc
Fire Insurance:
It is an insurance face the damage to the property caused by fire.
Flood Insurance:
This type of insurance pays the policy possessor in case of any loss or damage to the property due to flood. It protects the property against the flooding.
Earthquake Insurance:
This insurance compensates any damage to the property caused by earthquake.
Importance Of Insurance:
Insurance plays an leading role in sharing the risks of citizen in an affordable form.It helps the citizen to quickly recover from damages and losses.
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