Insurance term can be defined as a form of risk management mainly used to protection against unexpected future loss. In simple 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.
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
Also known as Insurance company, is an entity selling the insurance.
Well known as policyholder, is the person buying the insurance policy.
The amount to be charged for a certain amount of insurance coverage is called the premium.
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
Insurance related to a person life.
* Auto Insurance
In here Insurance is done for the vehicle.
* Health Insurance
In here all type of health benefits are
* Property Insurance
In this tyope of Insurance home, plot etc are covered.
* Disability Insurance
This is a specific type of insurance which is related to a
* Business Insurance
In here all type of Business things are covered.
* Event Insurance
This is a latest type of insurance where an events like music
show, cricket matches etc are covered.