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{Insurance} What is An Insurance? Types Of Insurance | The Personal Insurance | Car Insurance




Insurance is a medium of Protection from unexpected Loss or an agreement by which an insurance company provides a guarantee of compensation for a loss, illness, damage or even death in return for a payment of a specified premium.






A person who provides the insurance is known as Insurer or insurance company. On the other side, a person who buys the insurance is known as insured or policyholder. The insured receives a contract known as the insurance policy. Insurance Policy is a detailed information of Terms and Conditions and circumstance under which an insurer will pay compensation to the policyholder.




What is an Insurance Premium?






Insurance Premium is the amount of money paid by the Policyholder to the Insurance Company.


What is Insurance Claims?






Insurance Claims is the main Service of the Insurance, Claims is the product Insured Paid for. An Insured or Policyholder files a Claim to an Insurance Company for compensation for Loss or Policy Mature. A Policyholder can directly file a Claim with the Insurance Company or can use a Public Adjuster to negotiate the settlement. Every Insurance Company has a different department for Claim which is basically known as Claim Department.



Insurance Company Claim Department employes a large number of Claim adjusters, Data Entry Clerks and Records Management to settle the Claims.

The duty of the Claim Department is to Investigate each and every Claim and determine that coverage is available under the terms and conditions of the Contract and to process the payment of the claim.


Types of Insurance



Life Insurance





Life Insurance is quite different from other Insurance policy because the main Subject of insurance is a Life of an Individual. A Policyholder pays a fixed amount of Insurance Premium till the maturity of an Insurance Policy or till the time of death.



Life Insurance provides a Financial assistance to the Family members or gives a fair amount of pension on retirement when income is low. Life Insurance Policies also provides options for having the payment in Lumpsum or an annuity. An annuity is a sequence of Payment at fix intervals.


Car Insurance




Car Insurance also is known as Auto Insurance, Motor Insurance or Vehicle Insurance. This Insurance is basically done to provide Monetary protection against any Physical damage to your Vehicle. Car insurance also provides cover if the vehicle is theft or damage caused by accident, Bad weather, and Natural Disaster. Car Insurance can pay the Insurer to repair your vehicle depending on your Coverage.




Health Insurance





Health insurance is one of the most important and fastest growing insurance policy nowadays. Health Insurance covers whole or partial of the risk of a person incurring Medical expenses. Health Insurance policies cover the cost of medical treatment of the Policyholder. In some countries its mandatory for every citizen to have a Health Insurance Policy.



Property Insurance




Property Insurance gives insurance against most dangers to property. It includes protection against fire, theft and some weather damage. There are many other specialized forms of insurance in Property Insurance such as Flood Insurance, Earthquake Insurance, Home Insurance, etc.


Property Insurance is sub-divided into two.


Open Perils
Named Perils

Open Perils includes all the risks causing loss or damage to the property. There may be some exclusions which will be specified in the policy. Some common exclusion on open perils policies are damages caused by the earthquake, floods, war, etc.


Names Perils requires an actual name of disaster to be listed in the Insurance Policy. Common Named Perils includes Fire, Explosion, and theft, etc.


Marine Insurance




Marine Insurance gives assurance against loss of marine perils. The Marine risks include fire, pirates, enemies attack, collision with another ship or with a rock. All these risks also damage the ships, cargos, and freight. So marine insurance insures Cargo, freight, and ship.



What is Insurance Quote?


A quote is an estimate of an insurance premium for an insurance, and information you entered.