Types of Insurances
As regards to the law and to economic, an insurance is defined as a form of risk management that is exercised to prevent potential loss. An Insurer, is what a company that sells insurance is called This has been a very profitable business worldwide. Insurance rates, also referred to as premiums; differ from one company to the other A very easy example would be a life insurance. A certain amount of premiums is paid by an individual to an ensurer. When the person pass away, the predefined amount will then be given to his family.
Types of Insurance
Nothing in this planet can ever be foreseen. Any form of accidents or diseases can happen at a moment’s notice. So, we must stay vigilant.
A variety of insurers provide health insurance The insurer will then pay the medical expenses of the insured individual if ever they get sick or injured. A pact between the insurance company and the individual insured is then held by law.
This is an insurance formulated to adjust for the costs of dental care is referred as a dental insurance. Dental insurance provide aid for people to bare with the economical strife brought by abrupt dental expenses.
The insurance paid for vehicles or automobiles is called an auto insurance can be also called an automobile insurance
The major plus of an automobile insurance certainly is the protection from losses brought by traffic accidents. In the event that the insured vehicle sustains any damage as a direct result of an accident, any costs in repairing the vehicle will be compensated by the insurer. If the vehicle is destroyed and is beyond any repair, auto insurance companies can also grant replacements. In most countries, it is a must for an individual to buy an auto insurance for their vehicle. An individual can select the auto insurance that best suits them by comparing the different quotes provided by different auto insurance companies
If an insured pet is suffering or experiences an accident, the pet insurance companies will cover the veterinary expenses. Other pet insurance companies also have policies tailor to having to pay you if your insured pet gets lost or dies. Developed countries are mostly have pet insurance available.
The law binds the contract of life insurance that is held by the insurance company and the insured. In accordance with the contract the insurance company is obliged to pay the family of the insured individual if he dies The insured individual will then pay premium to the insurance company in exchange. Two variations of life insurances exists, protection and investment policies. There is also a different kind of life based insurance and is coined as a term life insurance.