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What Is an Insurance [Types Of Insurance]

Nowadays almost all people get insurance Like your health, bike, car, home, animals etc. Often you have seen that insurance agents force you to take their policy. that you buy a policy from them, then it becomes very important to know , What is insurance, What are the types of insurance & much more. What are the advantages and disadvantages of taking insurance.


What is an Insurance?


First of all we will know what is insurance. Insurance means a guarantee by a company to support you or your family over an injury, such as an accident, or over a death.

what is an insurance
Insurance

With the help of an example, we will understand that What is an insurance. 

Suppose You have life insurance policy is taken and In future, You have an accident. Then the life insurance company will cover the loss of your loss. If your hand is broken in an accident, then the life insurance company will bear all the expenses of your hand. And if you have died in an accident, then the insurance company will give some money to your family, which will be according to the insurance policy taken by you. "The more your insurance policy is taken, the more coverage you will get". 

Nowadays almost every thing has started having insurance and everything has different policies. In which it is told that how much of your loss will be compensated according to the policy taken by you. If you want to check the insurance policy of any company, you can check it by visiting the PolicyBazaar website. There you will be able to know better about the policy of every company. 

Types Of Insurance

There are many types of insurance and their plans and policies are also according to the insurance. 

Life Insurance

Whichever person takes this policy after his death, his family or whichever nominee he has chosen. He is paid according to his policy according to the payment rules of his claim.

People make this kind of policy for their family only. So that if any person gets hurt or dies in the future, then his family can get some financial help by the insurance company. 

Health Insurance

In this type of insurance, a limited payment is deposited and the person who has taken this policy, If he gets any disease. This policy is very important for a family and everyone should take this policies. 

Because the health of any human being gets weakened in one year or the other. And it is also possible & he becomes very ill so that his family does not have enough money to treat his illness well. So in this way we definitely need health insurance. If you have health insurance policies, you can avoid medical expenses. Medical also includes the expenditure of medicines and the operation.

Auto Insurance

In auto insurance, we include bikes, cars, and nowadays, all the homes get such resources. If your car or bike is stolen or an accident occurs. So at that time, the insurance company claims to fix your bike or car or to repair the expense of the accident. Third party insurance is also done for some vehicles, in which the drivers or pedestrians can claim. 

Home Insurance

In home insurance, policies are made according to the buildings and your belongings, In which you can claim the insurance company if your house or any thing breaks.
For Ex - If there is a fire in your house or if the goods are stolen or any kind of accident happens then the company gives you the claim.

Travel Insurance - If you hail travel or do you work in a travel company. So it is very important for you to have travel insurance. If you travel somewhere and there is an accident with you, then the insurance company will compensate for it. 

Crop Insurance

This insurance is specially made for farmers. And every farmer must take an insurance policy for his crop. Because there are changes in the weather, so that there is a fear of losing the crop of the farmer. If the farmer gets his crop insured, then even if his crop gets destroyed, the insurance company will compensate him. 

Pet Insurance

You can get these insurance for any pet in the house, just like, people get their buffaloos insured. 

Business Liability Insurance

Liability Insurance is actually to compensate for the loss of a company's work or any product to the customer. In such a situation, the penalty incurred on the company and the entire cost of legal proceedings has to be borne by the insurance company that does Liability Insurance.

Advantages Of Insurance

If you have any loss in the future, then the insurance company compensate. A insurance is a contract between a company and a person. Under this contract, the insurance company takes a fixed amount (premium) from the insured and pays damages to the insured or the company in the event of any loss according to the terms of the policy.
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