Insurance – An Assurance For Life

To put the meaning of insurance in simple words, it is just a financial management tool that aids the policy holder in facing any uncertain issue with the help from Insurance companies. According to Campbell.R.Harvey, Insurance is a system whereby individuals or companies apprehensive about property loss or damage make payments in the form of premiums to an insured company, who pays an agreed upon sum to the insured in the event of loss.

Importance Of Insurance

Getting insured gives you support and that varies in term of the type of insurance chosen either financial or medical support etc.  It just a cooperative method of spreading risks and sometimes eliminates risk that aids sharing of it too. Insurance also provides protection against the occurrence of uncertain events. This facilitates as a source of employment opportunity among the educated people. International trade can be made possible with the help of insurance.

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Types Of Insurance

Basically, Insurance can be generally be categorized into two types- Life insurance and Non-Life insurance. From the term “Life insurance” one can easily understand that this is a type of insurance where monetary benefits are provided to the insured person’s family after their death or other such events. This may also provide for the income of the insured person’s family, family, burial, funeral and other final expenses. Amongst all the insurance companies “Benefit House” offers insurance that can obtain without any exams. Feels good right? Yes, then don’t delay any further, just get yourself insured with them.  The other type of insurance is Non-life insurance. This can also be called as General insurance where anything other than human life when insured comes under this category.

General insurance or non life insurance has different types below them. Motor insurance, Fire insurance; Marine insurance, Health insurance, Home insurance etc. are categorized under general insurances. Apart from property insurance, this fire insurance is one specialized type of insurance where the insurance covers the entire damage caused to the property due to fire. Policy may also cover damage to the property next to the insured building and also covers the cost of replacement.  The next type of insurance is Health insurance. Here, the policy covers all types of expenses that are needed or caused due to surgical operations and medical expenses. Marine insurance covers the damage caused to the cargo, ships, terminals and any transport involved in the transfer of property. Home insurance covers the damage caused to the policy holder’s home. Hence, Insurance remains as a backup when in need.

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