introduction on different types of insurances policies
Answers
Insurance is a financial topic of paramount importance for every individual. Insurance is designed to protect the financial well-being of you and your dependents in the case of unexpected loss. Some forms of insurance are required by law, while others are optional. Agreeing to the terms of an insurance policy creates a contract between you and the insurance company. In exchange for payments from you (called premiums), the insurance company agrees to pay you a sum of money upon the occurrence of a specific event. That event may be as mundane as a visit to the doctor or as serious as a car crash, depending on the type of insurance.
Insurance policies are of different types :-
1) Health Insurance :It is done to ensure that your health is always conserved. Premium is given to an insurance company and in return health checkups are done. If something happens to you, the company pays for it ( only for chronic diseases).
2) Life Insurance: It is another insurance policy in which you have to give premium to the respective insurance company and in return if you die some day, the insurance company will pay for it.
3) Travel Insurance: It is a type of insurance which is available for trips and tours. You will a fixed amount to your respective insurance company and then go for your tour. Meanwhile, if something happens to you,then the insurance will pay for you.
4) Home insurance: It means that you pay a specific amount to your respective insurance company and now your house will be ensured by them.
5) Motor Insurance: It states the insurance of your vehicle.If some accident takes place , the company will gain the responsibility of the well being of your vehicle.
So , these were the five types of insurance!
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