File Name: what is insurance and its types .zip
Insurance is the most effective risk management tool which can protect individuals and businesses from financial risks arising out of various contingencies. The emotional and psychological loss can never be compensated, but at least the financial loss can be compensated with insurance. Though there are uncertainties in life which you cannot mitigate, but insurance will surely help you transfer the financial risk associated with the same. Insurance is a legal contract between two parties- the insurance company insurer and the individual insured , wherein the insurance company promises to compensate for financial losses due to insured contingencies in return for the premiums paid by the insured individual. In simple words, insurance is a risk transfer mechanism, where you transfer your risk to the insurance company and get the cover for financial loss that you may face due to unforeseen events. And the amount that you pay for this arrangement is called premium.
The major types of life insurance contracts are term, whole life, and universal life, but innumerable combinations of these basic types are sold. Term insurance contracts, issued for specified periods of years, are the simplest. Protection under these contracts expires at the end of the stated period, with no cash value remaining. The cash value, which is less than the face value of the policy, is paid to the policyholder when the contract matures or is surrendered. Universal life contracts, a relatively new form of coverage introduced in the United States in , have become a major class of life insurance. They allow the owner to decide the timing and size of the premium and amount of death benefits of the policy. In this contract, the insurer makes a charge each month for general expenses and mortality costs and credits the amount of interest earned to the policyholder.
Most Popular You can select more than one. In case, you wish to buy a plan for your siblings, aunts, uncles or any other relatives, you can buy a separate plan for them. You can select more than one member. In life, unplanned expenses are a bitter truth. Even when you think that you are financially secure, a sudden or unforeseen expenditure can significantly hamper this security. Depending on the extent of the emergency, such instances may also leave you debt-ridden. While you cannot plan ahead for contingencies arising from such incidents, insurance policies offer a semblance of support to minimise financial liability from unforeseen occurrences.
Insurance is a means of protection from financial loss. It is a form of risk management , primarily used to hedge against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier or an underwriter. A person or entity who buys insurance is known as an insured or as a policyholder. The insurance transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms, and usually involves something in which the insured has an insurable interest established by ownership, possession, or pre-existing relationship. The insured receives a contract , called the insurance policy , which details the conditions and circumstances under which the insurer will compensate the insured.
Insurance is categorized based on risk, type, and hazards. Life Insurance is different from other insurance in the sense that, here, the subject matter of insurance is the life of a human being. The insurer will pay the fixed amount of insurance at the time of death or at the expiry of a certain period. At present, life insurance enjoys maximum scope because life is the most important property of an individual. This insurance provides protection to the family at the premature death or gives an adequate amount at the old age when earning capacities are reduced. The insurance is not only a protection but is a sort of investment because a certain sum is returnable to the insured at the death or the expiry of a period.
Life insurance is a contract that offers financial compensation in case of death or disability. Some life insurance policies even offer financial compensation after retirement or a certain period of time. You either make a lump-sum payment while purchasing a life insurance policy or make periodic payments to the insurer.
- Нашу старую комнату в Стоун-Мэнор. - Я понимаю, но… - Сегодня у нас особый день - мы собирались отметить шесть месяцев. Надеюсь, ты помнишь, что мы помолвлены. - Сьюзан - вздохнул он - Я не могу сейчас об этом говорить, внизу ждет машина. Я позвоню и все объясню.
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Добро пожаловать, цифровой вымогатель. Фонтейн даже глазом не повел. - Каким временем мы располагаем. - У нас есть около часа, - сказал Джабба. - Достаточно, чтобы созвать пресс-конференцию и все выложить. - Каковы ваши рекомендации? - требовательно спросил Фонтейн. - Что вы предлагаете.
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