What do you mean by insurance?
Insurance is a way to manage your risk. When you buy insurance, you purchase protection against unexpected financial losses. The insurance company pays you or someone you choose if something bad happens to you. If you have no insurance and an accident happens, you may be responsible for all related costs.
What is insurance and it types?
Insurance policies can cover up medical expenses, vehicle damage, loss in business or accidents while traveling, etc. Life and General Insurance are the two major types of ins. coverage. General Ins. can further be classified into sub-categories that clubs in various types of policies.
What are the main types?
The types of insurance are Life, Car, Health, Two Wheeler, Home, fire, marine, and Travel ins. & more…,
What are the principles of insurance?
There are six basic principles that must be met, ie insurable interest, Utmost good faith, proximate cause, indemnity, subrogation and contribution.
What are the benefits of insurance?
Benefits of Ins. Coverage
- Provides Protection. Coverage does reduce the impact of loss that one bears in perilous situations.
- Provides Certainty. Coverage provides a feeling of assurance to the policyholders.
- Risk Sharing.
- Value of Risk.
- Capital Generation.
- Economic Growth.
- Saving Habits.