Interetsed in Insurance
An insurance is a policy which offers a compensation towards the loss incurred by any firm or person (the insured). Risks or loss of different nature are covered by different kinds of policies.
The policy is the contract between the Insurance Company and the Insured (an individual or the establishment).
A policy is issued for a particular period. During this period the Insured will have to pay periodical payment called Insurance premium to the Insurance Company. An Insurance policy is a promise by the Insurance Company to compensate the loss occurred to the Insured by an assured sum.
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.
Also they will pay only if the loss occurs during the term of the policy. Depending upon the premium and the period of the policy the sum assured will vary.
Insurance Companies offer different kinds of policies. Some of the well accepted policies are Life Insurance, Travel Insurance, Auto Insurance, Health Care 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.
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.
A person can get information about various insurance policies from a authorised insurance agent or Net. Insurance is a very effective risk management measure.
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