What Is Insurance? Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. In daily life you must listened Policy names from your friends, sister, brother or any other family members.
Mostly Insurance policies are used to hedge against the risk of financial losses, both big and small, that may result from damage to the insured or her property, or from liability for damage or injury caused to a third party.
Types of Insurance policy
There are different types of policy which are used in daily life. Here I’ll tell you about the different types of insurance policy and benefits of it.
- Life Insurance
In your daily life you must listen Insurance Name but you don’t know completely about the insurance what is Insurance. today I will tell you in in a simple words about the life Insurance and benefits of Life Insurance which will be helpful for you and your family member.
Definition of Life Insurance: life Insurance is a contract between insurer and Policy Holder. Policy holder gave money to the insurer after 3 months of six months. After taking Money from Policy holder Insurer invest his money into a profitable business and Make a huge profit by using his money.
A life insurance policy guarantees the insurer pays a sum of money to named beneficiaries when the insured policyholder dies, in exchange for the premiums paid by the policyholder during their lifetime. Life Insurance is a Legally binding contract between insurer and Policy Holder.
Life Insurance Policy Minimum for 20 Years its better for your family member. During Insurance If your life end then Policy company will pay money with profit to your family. At the current time there is not benefit of life insurance policy but it is helpful for long time and other family member life children wife etc.
2. Car Insurance /Auto insurance
At the point when you purchase or rent a vehicle, ensure that speculation. Getting collision protection can offer consolation in the event that you’re engaged with a mishap or the vehicle is taken, vandalized or harmed by a cataclysmic event.
3. Health insurance
Health Insurance is a kind of protection that covers the entire or a piece of the danger of an individual bringing about clinical costs. Similarly as with different sorts of protection is hazard among numerous people. Health Insurance is a Complete system which organized by Insurance Company for Public.
For example, those enrolled in a PPO can see any medical provider at any time, without a referral from a primary care physician; however, if the insured uses one of the insurance company’s “preferred providers,” the company generally pays a higher percentage of the cost.
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