The entire nature cycle in the present times are heading for a toss with earthquakes and floods becoming too common, the drinking water reserves are going down and animals becoming destitute due to a working population. The natures balance is getting altered anticipated to interferences like cloud seeding etc. A whole lot more uncertain and there is a need to get insurance to be able to recuperate from untimely deaths, loss, break down, damages, etc. So what on earth is insurance?
Insurance is nothing but a cover that shields one against any types of risks and insecurities. The primary component of it being of sharing the risk. It can be called as a contract where a stipulated amount is paid so the insurer can help the insured people recuperate from losing and after effects of a damage or risk, in case of any probability.
The establishment in order to get this understanding is referred to as the insurance company. Any individual who would like to get insurance done is referred to as Insured/Assured. The written contract between the two parties is known as the Policy.
After knowing in brief about the insurance, allow us to have a look at different types which exists.
Life Insurance- The amount gets paid under this cover only following the death of the assured, or when the policy expires, whichever happens first. However, this is not an indemnity relationship as the loss of one’s life cannot be recompensed yet a particular sum of money can be paid.