Insurance
is a pattern of contact whereby periodical payments usually termed as Premiums
are made to insurance companies, in tell to offer a separate or activity
rectification in the circumstance of possession deprivation or hurt.
The
main motive behind the purchase of insurance policies is to protect yourself as
well as your family against the hazard of a tragedy either physically or
financially. In short insurance is a contract in which one recipient agrees to
pay for another against financial loss resulting from a specified event. Any
type of insurance is consisting of 3 pillars - underwriter, insured person and
insurance policy. An entity seeking for risk transfer is termed as “Insured” and
the party in whose favor the risk is transferred is termed as “Insurer”. The
formal contract between “Insured” and “Insurer” is denoted as insurance policy.
There
are two principal that drive the decision for purchase of any type of insurance
policy either to purchase an insurance policy contact from an agent or a firm
or a company offering the services or purchase on your own. Here there is a
twist as most of the individual are unaware how to buy cheapest insurance
policy and what are the key points to be considered at the time of approaching
to an agent offering insurance policy services. The asset of feat on your own is
that to purchase insurance policy at a cheaper rate. With this one can save
lots of money and can divert it in satisfaction of his vital needs. Sometimes
purchasing several types of insurances from the aforesaid companies aids to
save the money.
There
is diversity in availability of types of insurance in the insurance market.
According to the needs of an individual one can purchase life insurance, car insurance,
health insurance, travel insurance, home insurance etc. Now let us just give a
brief eye view to these insurance policies.
a) Home
insurance policy covers your owned premises that can be a flat or bungalow or
any apartment and furniture and fixtures thereto. There are two kinds of Home
Insurance policies available in the market 1) Peril Insurance and 2) all-risk
insurance.
b) Term
life insurance policy: Insurance for a specific term life is denoted as Term
life insurance policy. It pays a benefit only if you die during the term.
Statue lifespan insurance comes in two standard varieties term life policies
and cash value policies.
c) Health Insurance or Medical care
Insurance: It is a non-life insurance contact which covers the expenses
incurred by insured at the time of an accident or hospitalization. Individuals have
to pay a nominal premium for purchase of medical care insurance. . There are
three variants of health or medical care insurance policies indemnity plan,
preferred provider organization and health maintenance organization.
d) Automobile
insurance is the protection against amount due to thieving or traffic
accidents. It can be purchased for cars, trucks and affiliate vehicles. The
primary feature of an automobile insurance is that it offers endorsement
against losses incurred as a resultant of car accident or thefts. It can be
elaborated in few key types like general liability, no-fault insurance,
uninsured auto coverage and medical payments
e) Car insurance is the insurance is the variant
of an Automobile insurance which provides protection against decline due to
stealing or reciprocation accidents. Its principal types are fully
comprehensive auto insurance, third party insurance, fire and theft insurance,
third party insurance, specialized car insurance.
There are numerous insurance service providers
that design and markets services for individuals, families, groups and
businesses worldwide. Now, there are also online insurance facilities that aid someone
to select cheapest insurance right by clicking. After fulfilling the standard
requirements of the protection companionship, person is qualified for it.