Insurance

 

Insurance

A company which undertakes to provide a guarantee of compensation

 For specified loss , Damage or Death ,in return for the payment of a 

specified premium of a insurance plan.

Types of insurance

• PERSONAL INSURANCE

• Life insurance 

• 
  
  Health insurance 

• Term insurance

• PROPERTY INSURANCE 

• Home insurance

• Motor insurance 

• Property insurance 

Life insurance

*Life insurance can be defined as a contract between an insurance policyholder and an insurance company .

*Where the insurance company promises to pay a sum of money in exchange for the premium up on the death of an insured person or after a certain period of time .

Health insurance 

• Health insurance is also known as the “Medical insurance “.

• Health insurance is to receive the best medical care without any strain on our finance, where health insurance plans offers protection against high medical cost .

• This premium or the insurance can occur during the ill health of a person or a family suffering from health issues.

• Term insurance

• it is for a fixed term like 20 or 40 years insurance companies 

provides financial assistance to the nominee of the policy holder’s 

if the person dies with in the term of the policy it is also known as 

the pure protection plan which means to provide the protection 

to your family when the head of the family passes.

• Basic terms in the insurance 

• Insurer 

• insured 

• insured sum 

• Dubble insurance 

• Beneficiary

• Contract or agreement

• Cover note 

• Peril

• insurance 

Motor insurance

• When ever we buy a vehicle we are assured with a policy called the ‘motor insurance policy , some amount is allocated to the insurance for our vehicle.

• Where this insurance is used whenever our vehicle met with an accident or physical damage to the vehicle can claim using this policy.

• Same as we take the life insurance for our self or a particular person,

We take the insurance to our vehicle’s.

Insurance ACT There are mainly four laws are concerned with the insurance business of the India

● Insurance Act 1938

● Life insurance corporation Act 1956

● After the enactment, the private insurance groups were nationalized and many insurance and provident societies were combined to form Life Insurance Corporation under the ownership of the State