Insurance Types of insurance and its benefits

For BBA students

1. Insurance is a contract/ legal agreement between two parties i.e.., the individual named insured and the insurance company called insurer. The contract itself is called the policy. What is insurance.?

2. Insurance provides security to both individuals and businessmen against possible risks and the financial loss of the policyholder . Insurance thus gives safety against economic difficulties to the businessmen and families. The benefit of insurance is managing cash flow uncertainty. Insurance provides payment for covered losses when they occur. It improve Efficiency… It helps the economic progress.. It protects your income from unexpected expenses… It protects the money you are saving for future plans… Benefits.

3. Life Insurance. Health Insurance. Automobile Insurance. Marin Insurance. Fire Insurance. Kind of Insurance.

4. It is defined as a contract or agreement, according to which the insurer(insurance company), in consideration of a premium paid in lump sum or in periodic installments undertakes to pay a specified amount of money either on the death of the insured or on the expiry of the specified number of years in the life policy. What is life Insurance.?

5. Health insurance is an insurance that covers the whole or a part of the risk of a person incurring medical expenses, spreading the risk over numerous persons. Health Insurance

6. Auto insurance is a contract between you and the insurance company that protects you against financial loss in the event of an ancient or theft. Automobile Insurance.

7. Is the oldest kind of insurance. Its major purpose was to provide to the loss of ships and cargo at sea. In recent times, it has been subdivided into the following two major forms of transportation coverage. Marine Insurance

8. Fire insurance is a contract between the insurance company and the policy holder, where in the insurance company undertakes, in exchange of payment of premium, to indemnity the any accidental loss or damage caused to the insurance property of the insured due to fire. Fire Insurance