Life of each and every one of us is full with several types of risks. One may loss his home, his health, property, vehicle, living or life standard, business or even himself. Happening of any such risky events may put one’s life in serious trouble. Think that, an accidental matter or happening of any unexpected event may put you on financial or health disability and may create a worst situation for you and your family. While you think to save you, your family and your property from such risks in-fact at that time you are looking for a way to manage these risks. You seek some source to transfer the risks of loss to someone who assures you to compensate you for your loss in that situation.
Insurance is a way to managing various type of risks in your life. It provides protection for your investment, yourself and your business. Disaster or Tragedy may be in any form like as home fire, earthquake, car breaks down, theft, roof leaking, illness, accidents or an automobile accident and May leads you to financial as well as physical sickness. In this situation insurance give you peace of mind and you assure about that if anything happens then you will be financially secure.
Insurance is the transfer of the risk of a loss, from one entity (property holder) to another (insurance company) in exchange for specific payment usually called premium. It is a form of risk management primarily used to circumvent against the risk of a dependent or unsure loss. Generally there are two parties are involved in insurance agreement, insurer and insured. An insurer is an entity or company selling the insurance products, also called the insurance carrier. Second one is the insured or policy holder, who purchases the insurance policy form company. An insurance policy is a contract between the parties which determines or prescribes the amount of payment has to be paid in case of happening an unfortunate event in exchange of premium. Insurance may be in several different modes or types like as:
In this the risks are being shared between insurers or among insured or insurer.
In this any specified risk is being insured by more than one policy with same coverage.
It is a situation where the risk is solely retained by the firms or individual themselves.
It this type an insurer passes some of risks or all risks to some other insurer.
It is necessary to take into consideration that all financial, pure, definite and particular risks are insurable. It covers the several type of risks associated with different aspects of your life. By taking into consideration various risk associated with our life and properties, companies have introducing several insurance products in order to cover the each type of risk in your life and giving an ultimate peace of mind. Some most numerous among them are given as fallow:
Various types of risk and un-expectancies are associated with our health. It covers the cost of medical treatment of all your medical risk or losses and protects the policy holder from medical expenses.
Your property may affected by several type of dangers like as fire, flood, earthquake etc. It provides the protection to your property from all such factors. It may include flood, earthquake, boiler, home or fire insurance and various others as subtypes.
Mortgage payment protection insurance
It helps you to save your mortgage house due to stop or fail in installment or mortgage payments due to accident, illness, and death or job loss. It supports you to pay your mortgage or installment payment to your company if you fail to pay your payments regularly due to an unfortunate state of affairs.
An incident may lose your car or vehicle. It protects you against a financial loss due to your vehicle incident. Its coverage may include the following, property coverage like as damage or theft of your car, liability coverage like as expenses to meet the legal responsibilities to other for any damage of injury and medical coverage for the cost of medical treatment.
Your family may suffer various types of financial deficiencies if you have not enough accumulation for them in case of your death. So, you have purchased this product then your family or designated beneficiary will be provided by monetary benefits up to the amount of your policy by the company in case of your death. This is the ultimate income for your children to secure their future.
There are several types of dangers of losses are associated with your business like as loss by fire, loss by theft, loss by accident, market crash or devaluation etc. This type of insurance protects you from all operational losses by your business. It helps you to cover losses and meeting your key liabilities.
This product insures you against accidents or losses not necessary tied to any specified property like as criminal or political risk insurance covers save the policy holder from loss arising by the criminal act or changing the political environment in the country.
Your pet is most valuable thing in your life. This product insures your pet against loss by accident or illness.
These discussed above are few main products offering by the financial institutions in order to cover the various risks in one’s life. There are several others categorized to cover the wide range of risks in your life in order to protect as well secure you in your life by all aspects.