What We Thought About Insurance | Significant of Insurance 2020 |

What We Thought About Insurance | What Is Significant of Insurance |

What We Thought About Insurance | What Is Significant of Insurance |

The Insurance is the main weapon of us to deal with the possibility of any loss in tomorrow. We do not know what will happen tomorrow, so we try to compensate for the possible loss in the future through or by an insurance policy. 

Insurance means protection from any type of high risk. If an insurance company insures a person, then the insurance company will compensate for the financial loss caused due to that person. Similarly, if the insurance company has insured a car, house, smartphone, bike, laptop  then in the event of breakdown, break, loss or damage of that thing, the insurance company gives compensation or money back of the owner according to the pre contract based condition. 

Insurance is actually a contract between the insurance company and the contracted person.

Under this contract, the insurance company takes a fixed amount (premium) from the insured person and pays the insured person or company compensation in case of any loss according to the terms of the policy.

I hope that I understood all about insurance, that what is insurance means. 


Let's we go to discuss about Types of Insurance or How many types insurance are? 

How Many Types Insurance Are? | Types of Insurance |

Internationally insurance is two types:
  1. Life Insurance
  2. General Insurance


Life insurance: 

Life insurance, here we understand that this insurance covers of A person's life. Suppose a person buys a life insurance, his death appears prematurely. At this moment what should do his dependent? Then his dependent go to the insurance company where he buy life insurance. Then the company give his family to the amount of compensation that is pre-fixed. 

What We Thought About Insurance | What Is Significant of Insurance |


If the main person of the family dies prematurely, then it becomes difficult to manage the expenses of the household. To maintain or save the family (wife,childrens,parents etc.),the main person of family should to take life insurance covers. It saves Financial crisis too of that family. In any type of Financial planning, that suggest, to buy any type of life insurance. I hope you may understand about life insurance.

General Insurance:-

In the Division of General insurance, here includes vehicles insurance, houses insurance, crops insurance, health insurance,animals insurance etc. So here we discuss some of about these insurance. Let's start... 


Home Insurance: 

There is no choice,we life home Or not. Everyone want to live his own home. Why we need to home insurance??
Suppose you build a home costly. Then there come earthquake or heavy Strom or flood. Then you home get damaged. Then you need to many money to built a new home. 

What We Thought About Insurance | What Is Significant of Insurance |


Generally if you buy a home insurance from a general company then no need to afford many money. The company take protection of your home. After purchasing any home insurance of your home, then any type of damage come to your home, then the general insurance company pay for it. 

How much recover the company give??
It depends on your insurance policy that which contract you signed. 
Which type of damage includes?
Many types of damades like fire, earthquake, celestial lightning, flood etc. Artificial making like to includes theft in the house by the theft, fire, fighting and riots etc.



Travel Insurance: 

I know that you know someone what about travel insurance policies. But here we describe some main topic about travel insurance. It is not that travel insurance give you money when you travel. It means travel insurance covers your money if you got loss during travel or during a trip. 

What We Thought About Insurance | What Is Significant of Insurance |


Supposed you go to for a trip. Then you goes abroad due to some work or to travel or his goods are lost then what should you do? 

A knowledgeable man always take travel insurance due to this condition. Any kind of situation of this type, the insurance company give the loss amount. 
Travel insurance valid not the whole life, it valids for starting journey to end of journey. 
There are many types of travel insurance policies for different companies. 



Motor Insurance:-

India is the largest population country in the world. So obviously here traffic is too high because of everyone has own vehicles. 
In India, it is very important to insurance of your vehicles. 

What We Thought About Insurance | What Is Significant of Insurance |

In according to the law to insure of india a vehicle running on the road, then you drive your vehicle on the road without insuring it, then the traffic police can fine you.
 According to any type of the motor or vehicles insurance policy, the insurance company gives the damage amounts for any damage done to the vehicle. Supposed your vehicle has been stolen or damaged on an accident, then that time you got most helped by auto insurance policy. You get the high or fully benefit of an auto insurance policy when a person is hurt or some person died by your vehicles or your driver died on your vehicle. It is covered under Third Party Insurance. Even you want to buy or you have a two wheeler, three wheeler or a car, then you should take insured of them. 



Liability Insurance

It is the insurance of any type of business company. It helps companies or the customer of the companies. 

What We Thought About Insurance | What Is Significant of Insurance |


Liability Insurance is actually to give money for the loss of a companies products or customers. In this type of situation, the penalty has occurred by the company. This time company has many losses, the loss are fulfilling by the insurance company that does Liability Insurance.


Health Insurance:-

Health insurance is one of the most important insurance of types of insurance. 
Health is the most popular insurance. So go and buy health insurance

What We Thought About Insurance | What Is Significant of Insurance |


Nowadays the cost of treatment or the cost of medicine is increasingly very fast as we not expect. The company where you buy insurance, they covers the cost of medicine or treatment in case of any type of illness when taking/buying health insurance. According to a health insurance policy contract, the health insurance company gives the amount or fulfill the treatment that spent on treatment in case of any kind of disease. The extent of the amount expend incurred on a disease depends on your health insurance policies term and conditions. 



Crop Insurance:-

This is india. Here is many rules for everything. So why here is a rules for crop loans. To ccording the daily rules, every farmer taking an agricultural/farming or crop loan is required to buy crop insurance. Under the crop insurance policy, the insurance company gives the money back Gureente to the farmer for any loss to the crop. According to the crop insurance policy, the money back Gureente is given by the insurance company in case of crop failure due to fire, flood or due to some disease. Because of the condition of crop insurance policy being too stringent and not getting compensation according to the cost, farmers are not very enthusiastic about crop insurance right now. In fact, to pay compensation for crop failure, insurance companies survey all the fields around that farm and compensation is given only when the crop of most farmers is damaged.



Here we discuss something about all types of Insurance. Without these types there is a lot of insurance. We discuss every insurance topic on our next posts. So if you have any doubt or any questions about insurance please comment us. We help for you.

I am sure you understand that value of insurance on your life. Stay with us, we help you more and more. We updated as possible as we know. 

Thank you. 

Post a comment

0 Comments