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Showing posts with label health insurance plans. Show all posts
Showing posts with label health insurance plans. Show all posts

Saturday, 15 June 2013

Brief review of an Insurance policy

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.