Insurance
Insurance means protecting yourself from potential problems in the future. That is to protect one's life and property from any damage.
So today we will know everything in detail,
1- What is insurance?
2- Why is insurance done?
3- How does insurance work?
4- How is insurance beneficial for us?
5- How many types of insurance and what are they?
Today we will know all these issues in detail in this article.
So let's get started. Insurance is a legal agreement between two parties. One side is the one who will insure and the other side is the insurance company. According to the policy of the insurance company, when a person insures, if there is any major loss in the future, the insurance company will compensate accordingly
How does insurance work?
According to the policy and agreement of the insurance company, the insurance company takes some fixed amount of money from that person which is called premium. If there is any loss or damage within a specified period of time after taking the premium, the insurance company will pay the compensation as per their terms.
Type of Insurance
There are 6 types of insurance. These are Life Insurance, Health Insurance, Auto Insurance, Home Insurance, Crop Insurance & Travel Insurance etc.
1- Life Insurance
There are many types of insurance now. Life insurance is first and foremost among them. Life insurance is when a person who insures his own life dies suddenly, the insurance company will pay a certain amount of compensation to his family.
2. Health Insurance
The second is health insurance. As we all know, health problems are more or less common nowadays. And we are now much more aware of health care. This is why most people now have health insurance. And if he falls ill as a result, the insurance company will bear all the expenses of that insured person's hospital. And the amount of this cost depends on the conditions mentioned in the insurance. However, it should be kept in mind that the insurance company will bear the cost of the insured patient only in those cases which are related to that insurance company.
3. Auto Insurance
The next insurance I will talk about is auto insurance. And it is available in all countries. And the benefits are many. According to the rules of this insurance, if any of your vehicle be it car, motorcycle, bus or three wheeler, it will be borne by the insurance company. In other words, according to the policy and agreement of the insurance company, if your insured vehicle has an accident for any reason and suffers damage, the insurance company will pay all the compensation for that vehicle.
4.Home Insurance
Now I will talk about Home Insurance. If your home is insured and there is any subsequent loss or damage to your home, the insurance company will pay all the compensation for that home. This means that if your home is damaged by fire, earthquake, flood or any other kind of hazard, the insurance company will pay all the compensation for that house as per their terms and agreement.
And these 4 types of insurance are very common insurance and currently there are 2 special insurance besides these. So let's talk about them now.
5. Crop Insurance
Crop insurance is basically for farmers. This insurance is very important for farmers who take loans to produce crops. Because if there is any kind of damage to the crop of the farmer as a result of this insurance, the insurance company will compensate that crop. That is why the farmers who take this insurance are very much benefited.
6.Travel Insurance
The next insurance is travel insurance. Nowadays travel insurance is very popular especially in Europe and America. This insurance is basically to compensate for the loss incurred while traveling. In other words, if a person with travel insurance goes out of his own country for any reason, then if he has any kind of loss such as accident, injury, theft of goods, the insurance company will help that person. And this insurance period is from the beginning to the end of that travel.
So that's all for today. And don't forget to insure according to your calculations. And thank you so much for reading this article so carefully.