Hello Friends, I have told you in this post what is insurance, what are the types of insurance and how to do it, you will get complete information in this post related to Insurance.
What is Insurance?
Insurance means actually a contract between the insurer and the insured in which the insurer receives a fixed amount (premium) from the insured on the happening of a certain event (such as the end of a certain age or death) for a certain amount. Gives or indemnifies the insured for the actual loss caused by the risk.
How many types of insurance are there?
Generally, there are two types of insurance:
Life Insurance
General Insurance
Life insurance means that the life of any person is insured.
Life Insurance - Life insurance means that on the death of the person buying the insurance policy, his dependent gets compensation from the insurance company. If the head of the family (the person spending) dies untimely. So it becomes difficult to run the household expenses. It is necessary to take a life insurance policy to protect the wife/children/parents etc. of the head of the family from the financial crisis. In financial planning, first of all, a person is suggested to buy a life insurance policy.
General insurance includes all vehicles, houses, animals, crops, health insurance etc.
Home Insurance - The meaning of house insurance is that if you insure your house with a general insurance company, then your house is protected in this. After buying an insurance policy, if there is any kind of damage to your house, then the insurance company gives the damages.
Vehicle Insurance - Vehicle insurance means that in India, it is very important to insure any vehicle moving on the road according to the law. If you drive your vehicle on the road without insuring it, then the traffic police can find you. According to the motor or vehicle insurance policy, the insurance company gives compensation for any damage caused to the vehicle. If your vehicle is stolen or due to an accident, then a vehicle insurance policy can help you a lot. You get the most benefit of a vehicle insurance policy when your vehicle has caused injury or death to a person. It is covered under Third Party Insurance. If you also have a two-wheeler/three-wheeler or car, then it must be insured.
Health Insurance - Health insurance means that nowadays the cost of treatment is increasing very fast. On taking health insurance, the insurance company covers the cost of treatment in case of illness. Under the health insurance policy, the insurance company pays the amount spent on treatment in case of any kind of disease. The limit of expenditure on any illness depends on your health insurance policy.
Travel Insurance - Travel insurance means that it protects against loss during a trip. If a person goes abroad for some work or for travel and he gets hurt or the goods are lost, then the insurance company gives him compensation. Travel insurance policy is valid from the beginning of your journey till the end of your journey. Different insurance companies may have different conditions for travel insurance policies.
Crop Insurance - Crop insurance is the best for the farmer, meaning that according to the current rules, every farmer who has taken an agricultural loan is required to buy crop insurance. Under the crop insurance policy, in case of any damage to the crop, the insurance company gives compensation to the farmer. Under the crop insurance policy, compensation is given by the insurance company in case of crop failure due to fire, flood or due to any disease. Since then, there is not much enthusiasm among the farmers about crop insurance. In fact, in order to give compensation in case of crop failure, insurance companies survey all the fields around that farm and compensation is given only when the crop of most of the farmers is damaged.
Business Liability Insurance - This means of insurance that actually covers the business of a company or a product to cover the loss caused to the customer.In such a situation, the entire cost of the penalty and legal proceedings on the company has to be borne by the insurance company doing the Liability Insurance.
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