An Insurance is the offer of an Insurance Company to cover the loss incurred by any person or an organisation (called Insured). Insurance Company issues the insurance policy which is a Contract between the Insurance Company and the Insurer. There are different types of Insurance policies which covers different loses or risks.
An Insurance policy will be for a definite period only. By a policy the Insurance company promise the insurer an assured sum to compensate the loss occurred to him. The insured has to make periodical payment called insurance premium during the policy period.
A beneficiary is the person who will be paid the compensation in the event insured's death. The name of the beneficiary will be recorded in the policy. An Insurance Company is bound to pay compensation only for the type of loss mentioned in the policy.
The Insurance Company is not liable to pay only if loss is incurred for reasons mentioned in the policy. The sum assured varies with premium and duration of the policy.
Most popular types of polices are the Life Insurance, Auto Insurance, Health care Insurance, Travel insurance and Home Insurance.
An individual can join Life Insurance policy to cover the risk of death of his own or a relative. This is useful to compensate the financial loss a family has to suffer due to the death of an earning member of the family. Such policies also cover the risk of accidental death and disability.
Life Insurance policies of different types like Endowment policy, Money back policy, Term insurance policy and Whole life policy are more popular. These policies have different terms and conditions.
The payment of Insured amount will be made to the Insured or the beneficiary as the case may be in all these cases as per the conditions stipulated in the insurance policy.
A traveller will get insurance cover against loss of his valuables and money during travel under a Travel Insurance policy.
The compensation to be paid to a victim of a vehicle accident will be met by the insurance company if the vehicle is covered by the policy called Third Party policy. This is not paid to the owner of the vehicle.
Auto Insurance Policy is the one that covers the compensation for repairing vehicle damaged in an accident. A third party Insurance is that which covers the compensation to be paid to the victim of the accident who is not the owner of the vehicle.
Insured under Health care insurance will get his hospital bills paid by the Insurance Company for diseases mentioned in the policy.
Health care insurance is that covers the hospital expenses of the insured for certain specified diseases.
There are authorised agencies who can guide a person to select appropriate policy. An insurance is a effective method for reducing the risks a person faces in everyday life.
An Insurance policy will be for a definite period only. By a policy the Insurance company promise the insurer an assured sum to compensate the loss occurred to him. The insured has to make periodical payment called insurance premium during the policy period.
A beneficiary is the person who will be paid the compensation in the event insured's death. The name of the beneficiary will be recorded in the policy. An Insurance Company is bound to pay compensation only for the type of loss mentioned in the policy.
The Insurance Company is not liable to pay only if loss is incurred for reasons mentioned in the policy. The sum assured varies with premium and duration of the policy.
Most popular types of polices are the Life Insurance, Auto Insurance, Health care Insurance, Travel insurance and Home Insurance.
An individual can join Life Insurance policy to cover the risk of death of his own or a relative. This is useful to compensate the financial loss a family has to suffer due to the death of an earning member of the family. Such policies also cover the risk of accidental death and disability.
Life Insurance policies of different types like Endowment policy, Money back policy, Term insurance policy and Whole life policy are more popular. These policies have different terms and conditions.
The payment of Insured amount will be made to the Insured or the beneficiary as the case may be in all these cases as per the conditions stipulated in the insurance policy.
A traveller will get insurance cover against loss of his valuables and money during travel under a Travel Insurance policy.
The compensation to be paid to a victim of a vehicle accident will be met by the insurance company if the vehicle is covered by the policy called Third Party policy. This is not paid to the owner of the vehicle.
Auto Insurance Policy is the one that covers the compensation for repairing vehicle damaged in an accident. A third party Insurance is that which covers the compensation to be paid to the victim of the accident who is not the owner of the vehicle.
Insured under Health care insurance will get his hospital bills paid by the Insurance Company for diseases mentioned in the policy.
Health care insurance is that covers the hospital expenses of the insured for certain specified diseases.
There are authorised agencies who can guide a person to select appropriate policy. An insurance is a effective method for reducing the risks a person faces in everyday life.
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