what is insurance?
An insurance is a legal agreement between two parties the insurance company insurer and the individual insured in this the insurance company promises to make good the losses of the insured on happening of the insured contingency. The contingency is the event which causes a loss it can be the death of the policy holder or damage destruction of the property it's called a contingency. How does insurance work? the insurer and the insured get a legal contract for the insurance which is called the insurance policy the insurance policy has details about the conditions and circumstances under which the insurance company will pay out the insurance amount to either the insured person or the nominees insurance is a way of protecting yourself and your family from a financial loss.so, there are five main types of insurance.
Types of insurance:
- Life Insurance
- Health Insurance
- Car Insurance
- Education Insurance
- Home Insurance
Life Insurance:
life insurance is insurance on your life you buy life insurance to make sure your dependents are financially secured in the event of your untimely demise. Life insurance is particularly important if you are the sole breed winner for your family under life insurance the policyholder family is financially compensated in case the policyholders expire during the terms of the policy.
Health Insurance:
Health insurance is bored to cover medical costs for expensive treatments different types of health insurance policies cover an array for diseases and ailments the premium pair towards a health insurance policy usually covers treatment hospitalization and medication cost.
Car Insurance:
car insurance is an important policy for every call on earth this is insurance protects you against any untoward incident like accidents. it also covers third party liability where you have to pay damage to other vehicle owners.
Education Insurance:
The child education insurance is akin to a life insurance policy which has been especially designed as a saving tool and education insurance can be a great way to provide a lump sum amount of money when your child reaches the age of higher education and gains entry to college this fund can then be used to pay for your child's higher education.
Home Insurance:
friends, we are dreaming of owning our own homes home insurance can help with coding loss or damage caused to your home due to accidents like fire and other natural calamities home which ones cover other instances like lightning earthquakes.
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