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What is Insurance and it's types?

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Definition of INSURANCE

An arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness or death in return for payment of a specified premium is known as insurance.

Types of Insurance

 Here are few of the main types of insurance-

  • Life Insurance
  • Health Insurance
  • Vehicle Insurance
  • Home Insurance
  • General Insurance
Life Insurance

 Life insurance is applied on an individual during his life and will provide financial protection to one's family after their death. Their family will receive pensions on a monthly basis. This is the most common and most used type of insurance.

 Health Insurance

 The second most common type of insurance after life insurance. Health insurance is applied to an individual if they have fallen ill. By health insurance, they'll be given financial protection. 
Vehicle Insurance

Vehicle insurance's primary use is to provide financial protection against physical damage or bodily injury resulting from traffic collisions and against liability that could also arise from incidents in a vehicle. It is an insurance for cars, trucks, motorcycles, auto rickshaw and other road vehicles. Checkout here if you want a vehicle insurance.

Home Insurance

 Home insurance, which is also known as homeowner's insurance, is a type of property insurance that covers a private residence when someone's private residence get damaged or is destroyed by any natural calamity. Checkout here if you want a home insurance.

General Insurance

 General insurance or non-life insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. General insurance is typically defined as any insurance that is not determined to be life insurance. Checkout here if you want a general insurance.

Comments

  1. InsuranceonlineJune 10, 2020 at 11:50 AM

    Thanks for sharing the blog, seems to be interesting and informative too. Could you help me to find detail about buy home insurance online

    ReplyDelete

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