What is Insurance?
Insurance is a legal contract, represented by a policy, is between two parties i.e. the insured and the insurance company, in which a policyholder receives financial protection or reimbursement against losses from an insurance company. The company pays the coverage in exchange of premium make payments more affordable for the insured.
Insurance: Coverage Features
- It is a risk management tool that acts as a hedge against an uncertain loss
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Under insurance, the policyholders pool in their money and pay the premiums. Hence, when one or a few incur any loss, the claimed money is offered from the accumulated amount
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Insurance coverage is provided for medical expenses, property loss, vehicle, mobile phones, etc.
The main components of an insurance policy are the premium, deductible and the policy limit. Hence, when buying the policy, it is imperative that the policyholder checks on these aspects
Insurance: Coverage Benefits
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Provides Protection
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Provides Certainty
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Risk Sharing
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Savings
Types of Insurance
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Life Insurance
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General Insurance
Life Insurance :
One can avail the life insurance in order to protect the family due to premature death or death during the tenure of the policy. It provides the family with a lump sum when the insured person meets with an untimely death. This helps the grieving family to battle with financial struggles that may occur in absence of a breadwinner.
General Insurance :
Non-life insurance policies count as general insurance policies that include insurance coverages for home, auto, education, etc.
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