Insurance – Security of Future against unexpected loss

Insurance can be defined as a form of risk management mainly used to protection against unexpected future loss. In simple term Insurance can be defined as the covered against unforeseen loss. It is a written contract or certificate of insurance in which insurance company promise to reimburse in the case of loss.

Insurance - Security of future
Insurance

In broad term Insurance is a promise of compensation for specific potential future losses in exchange for a periodic payment. Insurance can be used as long term financial investment which can give a person high returns in later years.

Popular terms in Insurance

* Insurer
Also known as Insurance company, is an entity selling the insurance.

* Insured
Well known as policyholder, is the person buying the insurance policy.

* Premium
The amount to be charged for a certain amount of insurance coverage is called the premium.

* Maturity
means ending time of policy.

 

Types of Insurance
In the current business world, there are numerous types of insurance can be find like –

* Life Insurance

* Auto Insurance

* Health Insurance

* Property Insurance

* Disability Insurance

* Business Insurance

* Credit Insurance

* Event Insurance

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