what is an insurance

 

INSURANCE

Insurance is the method of collecting money in advance in a source with the aim of providing financial compensation for a loss that may be caused in the future. Insurance is not an investment plan that can be expected to be reimbursed.  At the same time, insurance provides protection against existing risks. It is a way of sharing the loss escaped by one person with others.

EXAMPE OF INSURANCE POLICY

Insurance is implemented in the areas of life, health and electrical equipment, housing, vehicles, agricultural crops etc. of human soil or animals. Insurance is provided by any insurance company. The person who gets the insurance is called the policyholder. A certain amount is paid to the said institution for that. Insurance companies that offer insurance products are called insurance policies. Premium can be paid monthly or annually in policies. The premium is paid for a specified period of time in each policy. Life related policies are a policy where the balance amount is paid after a certain amount after the maturity period. But no amount is reimbursed in the vehicle insurance. The policyholder is financially assisted for accidents and other damages within the term of the policy.

TYPE OF INSURANCE POLICY

Insurance is generally divided into two groups;

Life Insurance

Non-Life Insurance

The various types of non-life insurance are as follows;

Auto Insurance

Property Insurance

Health Insurance

Accident Insurance

Travel Insurance

Credit Insurance

Mortgage Insurance

Disaster Insurance 

(Fire, Flood, Earthquake, etc.)

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