Before Knowing the insurance we will need to discuss problems that we will faced:
Before discussing about insurance firstly we will want to know the problems of peoples that are faced by those peoples in this age. Today people are facing some issues that are supposed to be any accident, problem about home and also about life. In the 2022 the death rate is almost 7.678% do in this percentage some cases are that people will died and they will left nothing for his/her family.
So one of the best solution of this problem are life insurance.
The main and simple meaning of insurance is to save us from the coming dangerous situations example is to “save us from the property and life risk”. This is the legal agreement between insurer and insured person. If insured person will faced the financial lose company will pay for that. In this all process insured person will pay the fixed amount after every month or every year.
How insurance does works?
According to the insurance policies the insured person will pay a fixed amount that are fixed between the insurer and insured person. If person faced any problems then company will pay for that according to the terms and conditions. For example the house and the vehicle of insured person are damage or involved in accident or incident then company will pay for that according to T&C.
Suppose the insurance company will provide you insurance of 500$. This is the insurance cover. In return you have must pay fees to the company that is known as premium.
Insurance company will provide you this opportunity for some period that is known as policy period/duration.
Two types of Insurance:
- Life Insurance
- General Insurance
As we understand with the name of life insurance company will insure the person about his/her life. Suppose if any person take this insurance then this person will suddenly die company will pay the certain amount to his/her family.
The importance of life insurance will increased when the person who die that is only one to bear the expenses of his/her family. The company give the financial support to his/her family. That’s why we will take the opportunity of life insurance because by taking the life insurance our family will feel financially secure.
In this insurance there are different types are involved that are Home, Health, Vehicle and animals insurance. In home insurance if we will faced some issues like flood, earthquake or fire Company will responsible to pay according to agreement.
Today we will faced the issues of our health. In health insurance if we will getting caught up in the disease company will cover the expense of treatment. You want to know that opportunity will give in those hospitals that are attached with that policy you will take.
Take the policy of vehicle insurance is compulsory. Because if you will not take this you will pay the fine for this. According to this insurance if your vehicle is suddenly hit by any other vehicle or involved in accident the insurance company will pay the expense of your car.
There are many other types of insurance that will try to cover in the next article. If you are in stress about financial condition you will take the insurance. That are beneficial for you.