Wednesday, December 13, 2017

Types of insurance you need to know

Types of insurance you need to know
Insurance

Insurance became one of modern society's current needs. There are a variety of advantages that make insurance increasingly needed by the community times now.

There are several types of insurance such as life insurance, health insurance to property insurance. For more details about other types of insurance, it's good you see in the description below follows.

Read Also : Why does insurance make the future brighter? Here's why

1. Life insurance
Life insurance is different from other insurance in the sense that, here, the subject of the insurance is the life of man. The insurance company will pay a fixed amount of insurance at the time of death or at the time of the expiry of a certain period.

Currently, life insurance enjoy maximum scope because life is the most important property of an individual. This insurance provides protection to the family in early death or give a sufficient amount of on old age when earnings capacity is reduced. Under private insurance, payment is made at the moment of accident.

Insurance is not only protection but it is a kind of investment because of a certain amount can be refunded to the insured at the time of death or the end of a period.

2. General insurance
General insurance including property insurance, liability insurance, and Other forms of Insurance.

Fire and marine insurance is strictly referred to property insurance. Motor, theft, Fidelity, and Engine covers the extent to which Insurance liability insurance to some extent.

The form of the most strict liability insurance is insurance-fidelity, where insurance companies compensate losses to the insured when he is under the responsibility of the payment to a third party.

3. Property insurance
Property insurance property under the person/persons insured against certain risks. The risk may be a fire or the dangers of the sea, theft of property or goods damaging property at the time of the accident.

4. Fire insurance
Fire insurance covers the risk of fires. In the absence of fire insurance, waste fire will increase not only for the individual but also for society.

With the help of fire insurance, losses incurred due to fire is compensated and the community did not lose much. The preferred individuals from such losses and property or business or the industry will remain roughly the same position as before the loss.

Fire insurance not only protects the loss but it gives certain consequential losses is also the risk of turmoil, war, riots, etc. Can be insured under this insurance as well.

5. Personal Insurance
Personal insurance including life insurance man who may suffer losses because of deaths, accidents, and diseases

Therefore, private insurance is further classified into life insurance, personal accident insurance, and health insurance.