What is insurance??
Insurance is a measure used to defend the conditional losses. A legal contract is made and the company is bound to pay the amount of respective loss when occurs. This helps in risk handling.
Life is uncertain and in life there are some threats which you can never avoid e.g. the threat of death, accident, robbery etc. If you have insurance policies for the thing you will be able to defend these threats by the financial aid of insurance team. If you have insurance you will face the threats but your well-being will be saved .
What are the types of insurance?
1. Life insurance:
It is the insurance of life. If the death occurs of the person who has insured the lumpsump amount of his annual income will be paid to the procceds of his family.
2. Car insurance:
The Car insurance covers all the losses you may face of your car. If anyhting like accident,theft occurs to your car the insurance company will pay its cost according to the cost of car.
This insurance covers all medical illnesses you may face. it also covers the cost of treatment in which u undergo.
This category includes fire insurance, flood insurance etc. If any of the thing occurs like fire in any building the insurance company will pay the cost of that loss.
5. Disability Insurance:
It is of 2 tyes that are simple disability insurance and total disability insurance. In simple disability insurance the insurance company provides the financial support to the insurer if he/she is unabkle to work due to illness or injury and in total disability insurance the insurer is provided the financial support only if he is totally disable to move.
6. EarthQuake Insurance.
This insurance satisfies the property losses caused by the earth quake.
Insurance plays the important role in satisfying the conditional and sudden losses . It is sometimes provided with the additional benefits from any company. Anyways, Insurance has become the basic human need now.