What is Insurance?
Insurance is the shape of Risk Management, This is also called Premium, This is like a same, A person gives a small amount of money to an insurance company to avoid any loss or incident in the future. We can see it with an example, a person Jon gives small money to an insurance company for his car insurance, the amount he will give is called the premium. After sometime the car slips in the accident, then the company will give the amount of the car according to the last position of his car. The owner will not have to bear the loss due to the accident; by this he will buy a new car. There are many things, where insurance cannot be claimed. Every insurance company has its own policies. Insurance companies offer insurance from the lowest things to highest, they even offer insurance for the mobile.
In simple words, we can say, that insurance gives us the amount to bear the loss lightly.
Life Insurance: Life insurance is used mostly in all insurance companies; it has many benefits for the family of the victim. We can see it by an example, a person Jason is the owner of his house and he has 5 family members, he is the only one who maintains his family, suddenly he dies, and he is insurance holder, his family has no option to get money to spend their life, but the insurance company will give the huge amount to his family, so they can spend their life easily. In life insurance, there are many policies, from which the people can get many benefits.
Health Insurance: Health insurance has a lot of importance in the kinds of insurance. Health insurance is a kind of Life Insurance. A person can claim the insurance amount when he ill, the company will give the amount of all expenditures of his treatment. He can claim the insurance every time, but as the premium has many kinds and limitations, there is also a limit of the amount.
Travel Insurance: Insurance companies give the travel insurance amount when a person needs to travel somewhere. Most Companies give the insurance amount after the travel, and most companies also give all expenditures on travel. The person should give proof of the traveling. The main benefit of the travel insurance is, it gives you all expenses and treatment, if you occurred in some accident while traveling.
Home Insurance: Home insurance is used for the reconstruction of the house. Home insurance is used much less in the entire world. But many people like it.
Business Insurance: All the world is doing work on the trade, and all the system of living on the basis of the trade, if someone starts the business, and he got loss in his business, then he will not able to do the business again due to the lack of money, Insurance Companies introduces the Business Insurance to avoid people from the loss. It is also known as trade insurance. This insurance is also on the basis of the premium. Premium depends on Business kind and amount. There are also many policies and conditions, which applies by insurance companies.